Cheap Apartments for Rent in Anchorage, AK from $700 (154 Rentals)

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

property at 1037 W 26th Ave
$700

Total Monthly Price

Base Rent$700
Total Monthly Price$700
6 Bedroom, 4 Bath Home for Rent
Available Oct 1
Furnished

1037 W 26th Ave

AnchorageAK99503

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property at 3105 Lakeshore Dr
$1,400 - $1,550
1 Bedroom, 1 Bath Condo for Rent
Available Now

3105 Lakeshore Dr

AnchorageAK99517

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property at 4003 Garfield St
$1,550

Total Monthly Price

Base Rent$1,550
Total Monthly Price$1,550
1 Bedroom, 1 Bath Townhome for Rent
Available Now
Affordability

4003 Garfield St, Unit Downstairs

4003 Garfield St
AnchorageAK99503
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Anchorage, AK Local Guide

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Written By:
Staff Writer
Local Guide Expert

Cheapest Neighborhoods for Apartments in Anchorage, AK

Pricing Updated: 09/19/2026

Current apartment rentals in the Anchorage, AK area range in price from $700 to $5,416 with an overall median price of $1,617. The three Anchorage neighborhoods with the lowest median rent pricing are Fairview at $1,440, Downtown at $1,487, and Airport Heights at $1,495. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Anchorage Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Fairview$1,440$70029
Downtown$1,487$70031
Airport Heights$1,495$70043
University Area$1,495$1,1559
Mid Hillside$1,496$1,3877
Tudor Area$1,500$70056
Midtown$1,505$1,19514
Abbott-Loop$1,525$1,33017
Campbell Park$1,525$1,15529
Government Hill$1,550$70035

Cheapest Available Anchorage Apartments for Rent

 

The cheapest available apartment rental in Anchorage, AK is a Studio unit found at Panoramic View in the Government Hill neighborhood priced from $925. North Pointe Apartments in the Government Hill neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,050. Here is today’s list of the most affordable Anchorage apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Panoramic ViewStudioStudio, 1BA$925
North Pointe Apartments11BR, 1BA$1,050
The AdelaideStudioStudio, 1BA$1,062
The AlaskanStudioStudio, 1BA$1,095
1425 W 40th Ave.1BR/1.0BA1BR, 1BA$1,100
McKinley Tower ApartmentsUnit G StudioStudio, 1BA$1,100
Castle Apartment HomesStudio smallStudio, 1BA$1,100
City ViewStudioStudio, 1BA$1,100
Arbor PointeStudioStudio, 1BA$1,130
(44) West Midtown Village(44) West Midtown Village - 44-31...1BR, 1BA$1,150

Best Value Apartments for Rent in Anchorage, AK

As of September 19, 2026 the best value apartment in the Anchorage area is the $1.33 price per square foot 1410 W 27th Ave Model at 1410 W 27th Ave, Unit 3 in the Spenard neighborhood starting from $1,595. The second greatest value Anchorage apartment is the 1402 W 27th Ave Model at 1402 W 27th Ave, Unit 8 in the Spenard neighborhood starting at $1,595 with a $1.33 price per square foot. Here is today’s list of the best values for Anchorage apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1410 W 27th Ave, Unit 31410 W 27th Ave3BR, 1BA$1.33
1402 W 27th Ave, Unit 81402 W 27th Ave3BR, 1BA$1.33
156 michael CT, Unit 4156 michael CT2BR, 1BA$1.60
MontclairLarge Two bedroom one bath2BR, 1BA$1.79
12250 Ellen Ave, Unit Apartment 312250 Ellen Ave2BR, 1BA$1.79
Kings CourtTwo Bedroom One Bath2BR, 1BA$1.67
Arctic Sun1x1 8251BR, 1BA$1.68
1425 W 40th Ave.1BR/1.0BA1BR, 1BA$1.38
225 N Park Street - CDY1BR/1.0BA1BR, 1BA$1.49
Merrill Crossing2 Beds2BR, 1BA$1.74

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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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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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Anchorage Overview

Stand up and walk out your front door. Go ahead. We’ll wait. Did you see any moose? Any black bears, grizzly bears, mountain goats or lynx? No? That’s because you don’t live in an apartment in Anchorage Alaska where mother nature is close enough to hit with a badly thrown rock. Anchorage has more going for it than nature (although some people won’t require any more). It has a good economy, ample job opportunities and recreation.

Why live in Anchorage, AK?

Apartment living in Anchorage is perfect for people who like an intimate social life with familiar people. The small town experience is at your finger tips. You can choose a favorite hangout and form sturdy friendships with the people you meet there. The outdoors is within walking distance of the front door of your apartment. Wildlife fills the forest, and you can enjoy it just by walking outside. Nightlife in Anchorage provides everything you could ever want. It ranges from Koots with men in plaid wool shirts and heavy shoes talking loudly about sports to Club Paris with low lighting, excellent food and an intimate ambiance. Anchorage has serious institutions like the Alaska Center for the Performing arts, the Anchorage Concert Association and the Sitka Summer Music Festival which presents more than 600 performances a year.

Anchorage, AK
Population: 291,538

Ranked #68

in US Census Population by City

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Best Local Schools in
Anchorage, AK

School data provided by Great Schools

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

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Anchorage, AK Area Reviews

    Lorelie • 3+ years in Anchorage

    February 25, 2025

    Nice

    Frequently Asked Questions about Cheap Anchorage Apartments

    What is a cheap apartment in Anchorage?

    A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Anchorage is under $1,150.

    What is the price of a cheap apartment in Anchorage?

    The cheapest apartment in Anchorage is North Pointe Apartments which is listed at $1,050, while the average apartment in Anchorage costs $1,617.

    What types of apartments are the cheapest in Anchorage?

    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 42 regular apartments in Anchorage 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 Anchorage?

    Cheap apartments in Anchorage have an average cost of $284 which is $1,333 cheaper than the average rent for all rentals in Anchorage.

    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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