Cheap Apartments for Rent in Albany, NY from $500 (136 Rentals)

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Search the lowest-cost Apartments available for rent right now in Albany.

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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property at 51 Elm St

51 Elm St

AlbanyNY12202

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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1395 Hudson
Studio Apartments

1395 Hudson

1395 Washington AveAlbany, NY 12206
Student Housing

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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property at 634 Western Ave

634 Western Ave

AlbanyNY12203
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PM 63 2nd Ave.
1 Bedroom Apartments

PM 63 2nd Ave.

63 2nd AveAlbany, NY 12202

Albany's Best Affordable Neighborhoods

Learn about Albany, NY and the best places to live with original content written by our New York area Local Expert Patrick Ryan

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Albany, NY Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Albany, NY

Pricing Updated: 06/27/2025

Current apartment rentals in the Albany, NY area range in price from $805 to $4,676 with an overall median price of $2,467. The three Albany neighborhoods with the lowest median rent pricing are Central State at $805, Hamilton Hill at $1,300, and Capitol Hill at $900. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Albany Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Central State$1,375$8051
Hamilton Hill$1,700$1,3003
Capitol Hill$1,730$90028
Center Square$1,730$90017
Buckingham Lake Crestwood$1,800$9688
Downtown$1,800$90082
Central Avenue$1,850$90038
Mt Pleasant$1,909$80545
North Albany Shaker Park$1,925$875125
Outer Schenectady$1,950$80533

Cheapest Available Albany Apartments for Rent

 

The cheapest available apartment rental in Albany, NY is a Studio unit found at 142 Morton Ave in the Whitehall neighborhood priced from $850. Capitol Green in the Whitehall neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $875. Here is today’s list of the most affordable Albany apartments for rent:

Apartment ListingModel NameBed/BathPriced From
142 Morton AveStudio, 1 BathroomStudio,1BA$850
Capitol GreenStudioStudio,1BA$875
The Valley GreenShared 2 Bed 1 Bath B1BR,1BA$895
252 state streetStudio, 1 BathroomStudio,1BA$900
338 Hudson streetStudio, 1 BathroomStudio,1BA$950
Hudson PointeBeacon StudioStudio,1BA$968
11 S LakeStudio ApartmentStudio,1BA$1,000
Latham Village AptartmentsOne Bedroom One Bath1BR,1BA$1,065
Downtown Student Housing2 Bedroom2BR,2BA$1,100

Best Value Apartments for Rent in Albany, NY

As of June 27, 2025 the best value apartment in the Albany area is the $0.96 price per square foot 268 Western Ave Model at 268 Western Ave, Unit 1 in the in the Whitehall neighborhood starting from $2,400. The second greatest value Albany apartment is the The James Model at 44 James starting at $1,895 with a $0.84 price per square foot in the Mount Hope neighborhood. Here is today’s list of the best values for Albany apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
268 Western Ave, Unit 1268 Western Ave4BR,1BA$0.96
44 JamesThe James2BR,1BA$0.84
160 River St, Unit 160160 River St2BR,1BA$0.97
459 Jay St, Unit 1459 Jay St2BR,1BA$0.96
110 Ferry St, Unit #2110 Ferry St2BR,1BA$0.96
6 Larch Ave, Unit 3rd floor6 Larch Ave1BR,1BA$0.92
164 River St, Unit 1164 River St2BR,1BA$1.18
184 River St, Unit 184 River Street184 River St1BR,1BA$1.18
1639 5th Ave, Unit RPI all inclusive1639 5th Ave1BR,1BA$1.20
Latham Village AptartmentsOne Bedroom One Bath1BR,1BA$1.18

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Albany Overview

"Albany is the state capital of New York, and is a city brimming with historical significance. It is the oldest continuous chartered city in the United States and works to preserve its history. Although well-known for revering its history and Dutch culture, Albany also embraces modern advancement. The ""Tech Valley"" industry is on the rise and has helped economy in New York State's Capital District. The Capital District is the metro area surrounding Albany. The cities included are Albany, Schenectady and Troy. The Capital District is the third most populated region in New York. Its metropolitan population is over 1.1 million. The city of Albany's population reaches almost 100,000. Apartments in Albany could be a fit for seekers looking for a blend of historical and modern elements."

Why live in Albany, NY?

Albany is a great city that pays homage to its rich history while embracing a modern way of life. Albany is also an excellent center for higher education. It's one of the best places to get an education, according to a Forbes survey in 2005. Albany has several parks, Washington Park the most well-known, for the outdoorsy type. The Pine Bush and Lincoln Park are a couple other parks found in Albany. Albany is also serious about improving its community. The National Civic League has awarded Albany the All-America award twice for community improvement.

Pet Friendly Lifestyle

Ranked #

Pet Friendliness Lifestyle Score

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Albany, NY Rentals by Map

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See the most popular apartments and homes in Albany, NY

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Getting Around Albany, NY

Walk Score®

69 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

54 / 100

Bikeable

Some bike infrastructure

Transit Score®

42 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Albany, NY Area Reviews

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

Frequently Asked Questions about Cheap Albany Apartments

What is a cheap apartment in Albany?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Albany is under $1,100.

What is the price of a cheap apartment in Albany?

The cheapest apartment in Albany is The Valley Green which is listed at $895, while the average apartment in Albany costs $2,467.

What types of apartments are the cheapest in Albany?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 84 regular apartments in Albany that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Albany?

Cheap apartments in Albany have an average cost of $554 which is $1,913 cheaper than the average rent for all rentals in Albany.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

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A Local Expert’s Guide To the Top Budget-Friendly Neighborhoods to Rent in Albany, NY

Written by: Patrick Ryan

Albany, the capital of New York state, is a renter’s haven.  With ample housing supply, little traffic and a stable economy, Albany is trending upward. I'm Patrick, your ApartmentHomeLiving.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.