Cheap Apartments for Rent in the Downtown Neighborhood of Albany, NY from $500 (63 Rentals)

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

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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21 Myrtle Ave
$1,220 - $1,265
Total Monthly Price

Total Monthly Price

Base Rent
$1,220 - $1,265
Total Monthly Price
$1,220 - $1,265
2 Bedroom Apartment Available Now

21 Myrtle Ave

21 Myrtle AveAlbany, NY 12202
Affordability

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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45 Elm St, Unit #B
$1,400
Total Monthly Price

Total Monthly Price

Base Rent
$1,400
Total Monthly Price
$1,400
1 Bedroom Apartment Available Now

45 Elm St, Unit #B

45 Elm StAlbany, NY 12202
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63 2nd Ave
1 Bedroom Apartments

63 2nd Ave

63 2nd AveAlbany, NY 12202
Student Housing

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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449 State St
Studio to 2 Bedroom Apartments

449 State St

449 State StAlbany, NY 12203
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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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256 state street
Studio to 3 Bedroom Apartments

256 state street

256 State StAlbany, 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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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
  • Utilities Included

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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The Amsdell
Studio Apartments

The Amsdell

175 Jay StAlbany, NY 12210
Corporate Housing
  • Utilities Included
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325 State Street
Studio to 2 Bedroom Apartments

325 State Street

325 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
property at 96 Grand St

$1,200 - $1,300

1 To 2 Bedroom Rentals

Available Now

96 Grand St

AlbanyNY12202
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255 State St
1 Bedroom Apartments

255 State St

255 State StAlbany, NY 12210
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27 Western Ave
Studio to 2 Bedroom Apartments

27 Western Ave

27 Western AveAlbany, NY 12203
  • Utilities Included
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338 Hudson street
Studio to 2 Bedroom Apartments

338 Hudson street

338 Hudson AveAlbany, NY 12210

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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Showing Results 1-50, Page 1 of 2

Downtown, Albany, NY Local Guide

Cheapest Available Downtown Apartments for Rent

 

The cheapest available apartment rental in the Downtown area of Albany, NY is a Studio unit found at 449 State St priced from $895. 256 state street has the second lowest priced unit, which is a 1 Bed apartment currently listed from $950. Here are the most affordable Downtown apartments for rent in Albany, NY:

Apartment ListingModel NameBed/BathPriced From
449 State St0 Beds, 1 BathsStudio,1BA$895
256 state street1 Bedroom, 1 Bathroom1BR,1BA$950
363 state streetStudio, 1 BathroomStudio,1BA$1,000
287 State St280/1Studio,1BA$1,025
71 chestnut street1 Bedroom, 1 Bathroom1BR,1BA$1,050
Willett ApartmentsStudioStudio,1BA$1,165
69 Trinity PlaceSpacious Studio Minutes from Times Union, Alban...Studio,1BA$1,195
441 State StStudioStudio,1BA$1,200

Best Value Apartments for Rent in Downtown, NY

As of July 10, 2026 the best value apartment in the Downtown area is the $1.55 price per square foot 35 Clinton Ave Model at 35 Clinton Ave, Unit UpperFloors/2Bedroom in the in the Arbor Hill neighborhood starting from $2,250. The second greatest value Downtown apartment is the 385 Orange St Model at 385 Orange St starting at $1,490 with a $1.11 price per square foot in the Whitehall neighborhood. Here is today’s list of the best values for Downtown apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
35 Clinton Ave, Unit UpperFloors/2Bedroom35 Clinton Ave2BR,2.5BA$1.55
385 Orange St385 Orange St4BR,1BA$1.11
840 2nd St, Unit Floor 1840 2nd St2BR,1BA$1.38
Hinckel Brewery Development LLC2BR/1.0BA2BR,1BA$1.25
ArtHouse Apartments1 BR D1BR,1BA$1.76
518 Broadway, Unit 1518 Broadway1BR,1BA$1.70
The Kennedy4022BR,1BA$1.82
328 Orange St, Unit 328 Orange St328 Orange St2BR,1BA$1.39
96- 100 Chestnut St2 Bedroom2BR,1BA$1.82
40 Central Ave, Unit 2 Fifth Floor40 Central Ave1BR,1BA$1.69

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

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, NY

Ranked #11

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Frequently Asked Questions about Cheap Downtown Apartments

What is the Cheapest Studio apartment in Downtown?

Currently the most affordable Cheap Studio Apartment in Downtown is at 449 State St listed at $895.

How much is rent for a Cheap One Bedroom Downtown Apartment?

The lowest price for a Cheap One Bedroom Downtown Apartment is $950 at 256 state street.

What is the lowest price for a Cheap Two Bedroom Downtown Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Downtown is starting from $1,550 at 96- 100 Chestnut St.

What is the most affordable Downtown Three Bedroom Apartment?

The best deal on a cheap Downtown Three Bedroom Apartment rental is at Willett Apartments and starts from $1,975.

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

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

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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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.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.