Cheap Apartments for Rent in the Downtown Albany Neighborhood of Albany, NY from $500 (74 Rentals)

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

property at 138 Morton Ave

$900 - $1,050

Studio To 1 Bedroom Rentals

Available Now

138 Morton Ave

AlbanyNY12202

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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Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 4 King Ave

$1,200 - $1,400

1 To 2 Bedroom Rentals

Available Aug 15

4 King Ave

AlbanyNY12206

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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560 Park Ave, Unit 560-1
$1,250
Total Monthly Price

Total Monthly Price

Base Rent
$1,250
Total Monthly Price
$1,250
1 Bedroom Apartment Available Now

560 Park Ave, Unit 560-1

560 Park AveAlbany, NY 12208
Cost Per Sq.Ft.
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63 2nd Ave
1 Bedroom Apartments

63 2nd Ave

63 2nd AveAlbany, NY 12202
Student Housing

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Capitol Green
Studio to 2 Bedroom Apartments

Capitol Green

400 Central AveAlbany, NY 12206
  • Utilities Included
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449 State St
Studio to 2 Bedroom Apartments

449 State St

449 State StAlbany, NY 12203
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336 Hudson street
Studio to 2 Bedroom Apartments

336 Hudson street

336 Hudson AveAlbany, NY 12210
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363 state street
Studio to 1 Bedroom Apartments

363 state street

363 State StAlbany, NY 12210
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142 Morton Ave
Studio to 1 Bedroom Apartments

142 Morton Ave

142 Morton AveAlbany, NY 12202
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256 state street
Studio to 3 Bedroom Apartments

256 state street

256 State StAlbany, NY 12210

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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 Studio unit found at 449 State St priced from $895. Campus View Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $948. Here are the most affordable Downtown Albany apartments for rent in Albany, NY:

Apartment ListingModel NameBed/BathPriced From
449 State St0 Beds, 1 BathsStudio,1BA$895
Campus View ApartmentsStudioStudio,1BA$948
363 state streetStudio, 1 BathroomStudio,1BA$1,000
287 State St280/1Studio,1BA$1,025
71 chestnut street1 Bedroom, 1 Bathroom1BR,1BA$1,050
Downtown Student Housing2 Bedroom2BR,2BA$1,100

Best Value Apartments for Rent in Downtown Albany, NY

As of July 30, 2026 the best value apartment in the Downtown Albany area is the $0.17 price per square foot 2nd Floor Model at 370-372 Morris St in the in the Campus Area neighborhood starting from $1,725. The second greatest value Downtown Albany apartment is the 74 N Allen St Model at 74 N Allen St, Unit 2 starting at $1,800 with a $0.72 price per square foot in the Campus Area 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.
370-372 Morris St2nd Floor3BR,1BA$0.17
74 N Allen St, Unit 274 N Allen St2BR,1BA$0.72
238 Quail St, Unit 1238 Quail St5BR,2.5BA$1.20
268 Western Ave, Unit 1268 Western Ave4BR,1BA$0.96
Crestwood Townhomes2BR Monroe Townhome2BR,1BA$1.31
385 Orange St, Unit 1385 Orange St3BR,1BA$1.07
Downtown Student Housing3 Bedroom3BR,2BA$1.33
211 Ontario St, Unit 1211 Ontario St4BR,1BA$0.48
328 Orange St, Unit 328 Orange St328 Orange St2BR,1BA$1.29
246 Delaware Ave, Unit 1 East246 Delaware Ave2BR,1BA$0.99

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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

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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 #4

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 $1,100.

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

The cheapest apartment in Downtown Albany is 71 chestnut street which is listed at $1,050, 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 15 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 $491 which is $2,509 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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The Best Neighborhoods for Renters While Attending College in Albany

Written by: Patrick Ryan

Albany, the Capital city of New York state, is revered for its unique architecture and storied history.

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.