Cheap Apartments for Rent in the Downtown Albany Neighborhood of Albany, NY from $500 (53 Rentals)

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

property at 91 Columbia St

91 Columbia St

AlbanyNY12210

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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property at 390 Clinton Ave

390 Clinton Ave

AlbanyNY12206
property at 11 Myrtle Ave

11 Myrtle Ave

AlbanyNY12202

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 578 Madison Ave

578 Madison Ave

AlbanyNY12208

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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PM 63 2nd Ave.
1 Bedroom Apartments

PM 63 2nd Ave.

63 2nd AveAlbany, NY 12202
Student Housing
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142 Morton Ave
Studio to 1 Bedroom Apartments

142 Morton Ave

142 Morton AveAlbany, NY 12202
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336 Hudson street
Studio to 2 Bedroom Apartments

336 Hudson street

336 Hudson AveAlbany, NY 12210
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338 Hudson street
Studio to 2 Bedroom Apartments

338 Hudson street

338 Hudson AveAlbany, NY 12210

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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363 state street
Studio to 1 Bedroom Apartments

363 state street

363 State StAlbany, NY 12210
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252 state street
Studio to 2 Bedroom Apartments

252 state street

252 State StAlbany, NY 12210
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409 State St
1 Bedroom Apartments

409 State St

409 State StAlbany, NY 12210
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256 state street
Studio to 3 Bedroom Apartments

256 state street

256 State StAlbany, NY 12210
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69 Trinity Place
Studio to 2 Bedroom Apartments

69 Trinity Place

69 Trinity PlAlbany, NY 12202
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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Showing Results 1-50, Page 1 of 2

Downtown Albany, Albany, NY Local Guide

Cheapest Available Downtown Albany Apartments for Rent

 

The cheapest available apartment rental in the Downtown Albany area of Albany, NY is a 2 Beds unit found at Colvin Avenue Commons priced from $733. 142 Morton Ave has the second lowest priced unit, which is a Studio apartment currently listed from $850. Here are the most affordable Downtown Albany apartments for rent in Albany, NY:

Apartment ListingModel NameBed/BathPriced From
Colvin Avenue Commons2BR2BR,1BA$733
142 Morton AveStudio, 1 BathroomStudio,1BA$850
Capitol GreenStudioStudio,1BA$875
Campus View ApartmentsStudioStudio,1BA$968
44 James205Studio,1BA$995
256 state street1 Bedroom, 1 Bathroom1BR,1BA$1,050
71 chestnut street1 Bedroom, 1 Bathroom1BR,1BA$1,050
@HudsonPark0BR/1.0BAStudio,1BA$1,050
The KnickStudio DStudio,1BA$1,065

Best Value Apartments for Rent in Downtown Albany, NY

As of December 15, 2025 the best value apartment in the Downtown Albany area is the $1.21 price per square foot 182 Washington Ave Model at 182 Washington Ave, Unit Third floor mansion apt. in the in the Whitehall neighborhood starting from $2,000. The second greatest value Downtown Albany apartment is the 372 Morris St Model at 372 Morris St, Unit 372 Morris starting at $1,695 with a $1.11 price per square foot in the Whitehall neighborhood. Here is today’s list of the best values for Downtown Albany apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
182 Washington Ave, Unit Third floor mansion apt.182 Washington Ave3BR,1BA$1.21
372 Morris St, Unit 372 Morris372 Morris St3BR,1BA$1.11
107 3rd Ave, Unit Neilzen107 3rd Ave3BR,1BA$1.21
534 Hamilton St, Unit 2534 Hamilton St1BR,1BA$0.73
589 Washington Ave, Unit 1589 Washington Ave4BR,1BA$1.37
Downtown Student Housing3 Bedroom3BR,2BA$1.33
18 Willett St, Unit Apt 318 Willett St2BR,1BA$1.33
95 3rd Ave, Unit 195 3rd Ave3BR,1BA$1.34
412 Broadway33/341BR,1.5BA$1.31
199 South Allen Apartments1 BD / 1BA1BR,1BA$1.34

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Pet Friendly Lifestyle
Downtown Albany, Albany, NY

Ranked #3

Among cities in New York for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Albany, Albany, NY

School data provided by Great Schools

Lifestyle Ratings

Our team of engineers and researchers works hard to bring you Lifestyle Ratings of neighborhoods, metropolitan areas, and rental properties across New York, including Albany. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including filtering automatically for the best outdoor access, luxury housing options, pet-friendly features, places to raise kids, proximity to transit, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Albany Apartments

What is a cheap apartment in Downtown Albany?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Albany is under $1,065.

What is the price of a cheap apartment in Downtown Albany?

The cheapest apartment in Downtown Albany is Capitol Green which is listed at $975, while the average apartment in Downtown Albany costs $3,000.

What types of apartments are the cheapest in Downtown 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 21 regular apartments in Downtown 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 Downtown Albany?

Cheap apartments in Downtown Albany have an average cost of $629 which is $2,371 cheaper than the average rent for all rentals in Downtown Albany.

Expert Rental Resources

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.

Articles, How-To's, and Tips

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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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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!