Cheap Homes for Rent in Albany, NY from $500 (52 Rentals)

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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 260 Madison St

260 Madison St

TroyNY12180

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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property at 147 Eagle St

147 Eagle St

AlbanyNY12202
property at 442 2nd St

442 2nd St

AlbanyNY12206

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 4-6 Sheridan Ave

4-6 Sheridan Ave

AlbanyNY12207

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

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

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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Albany, NY Area Reviews

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Frequently Asked Questions about Albany

What type of rentals are currently available in Albany?

There are currently 1349 Apartments for Rent in Albany, NY with pricing that ranges from $700 to $8,366. There are also 195 Single Family Homes for rent, Condos, and Townhome rentals currently available in Albany ranging from $550 to $4,700.

What is the current price range for Rental Homes in Albany?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Albany ranges from $550 to $4,700 with an average monthly rent of $2,229.

How much are larger Three and Four Bedroom Rentals in Albany?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Albany range from $975 to $8,366, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,195 to $2,800. Four Bedroom Single-Family rentals are also available starting from $1,800 and Four Bedroom Apartments start at $700.

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.