Cheap Apartments for Rent in the South Anchorage Neighborhood of Anchorage, AK from $600 (98 Rentals)

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

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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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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Lumen Park Apartments
1 to 2 Bedroom Apartments

Lumen Park Apartments

2778 Lumen Park DrAnchorage, AK 99507
Senior Living
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West Midtown Gardens
Studio to 1 Bedroom Apartments

West Midtown Gardens

1327 W 27th AveAnchorage, AK 99503
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West Midtown Pointe
Studio Apartments

West Midtown Pointe

1425 W 27th AveAnchorage, AK 99503
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West Midtown Place
1 Bedroom Apartments

West Midtown Place

1023 W 26th AveAnchorage, AK 99503
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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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Beluga Flats
Studio to 1 Bedroom Apartments

Beluga Flats

13496 Old Seward HwyAnchorage, AK 99515
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Northern Lights Manor
1 to 2 Bedroom Apartments

Northern Lights Manor

1353 W 27th AveAnchorage, AK 99503
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West Midtown Village
Studio to 1 Bedroom Apartments

West Midtown Village

1414 W 26th AveAnchorage, AK 99503
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Casablanca Apartments
1 to 3 Bedroom Apartments

Casablanca Apartments

4318-4320 Checkmate DrAnchorage, AK 99508
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2805 W 31st Ave
2 Bedroom Apartments

2805 W 31st Ave

2805 W 31st AveAnchorage, AK 99517
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Country Lane
Studio to 1 Bedroom Apartments

Country Lane

810 E 42nd AveAnchorage, AK 99503
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The Alaskan
Studio to 2 Bedroom Apartments

The Alaskan

102-110 E 11th AveAnchorage, AK 99501
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Continental
Studio to 2 Bedroom Apartments

Continental

3321 Eureka StAnchorage, AK 99503

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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Castle
Studio to 2 Bedroom Apartments

Castle

915 W 27th AveAnchorage, AK 99503
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Arctic Gardens
1 to 3 Bedroom Apartments

Arctic Gardens

7211 Meadow StAnchorage, AK 99507
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Cedarwood Apartments
Studio to 1 Bedroom Apartments

Cedarwood Apartments

1336 W 23rd AveAnchorage, AK 99503
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5440 E 26th Ave
Studio to 2 Bedroom Apartments

5440 E 26th Ave

5440 E 26th AveAnchorage, AK 99508
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Arbor Pointe
Studio to 1 Bedroom Apartments

Arbor Pointe

1473 W 25th AveAnchorage, AK 99503
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Strawberry Lane
2 Bedroom Apartments

Strawberry Lane

2100-2110 Strawberry RdAnchorage, AK 99502
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Susitna Ridge
Studio to 2 Bedroom Apartments

Susitna Ridge

1601 Medfra StAnchorage, AK 99501

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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South Anchorage, Anchorage, AK Local Guide

Cheapest Available South Anchorage Apartments for Rent

 

The cheapest available apartment rental in the South Anchorage area of Anchorage, AK is a Studio unit found at Country Lane priced from $1,025. Continental has the second lowest priced unit, which is a Studio apartment currently listed from $1,050. Here are the most affordable South Anchorage apartments for rent in Anchorage, AK:

Apartment ListingModel NameBed/BathPriced From
Country LaneStudioStudio,1BA$1,025
ContinentalStudioStudio,1BA$1,050
CastleStudio X smallStudio,1BA$1,060
College ViewStudioStudio,1BA$1,160
The Village at Calais1x11BR,1BA$1,170
Rancho TudorStudioStudio,1BA$1,225
Chester Park Estate1BD/1BA- Floorplan A1BR,1BA$1,225
Park PlazaOne Bedroom1BR,1BA$1,260
Ptarmigan MeadowsOne bedroom1BR,1BA$1,264
City ViewStudioStudio,1BA$1,270

Best Value Apartments for Rent in South Anchorage, AK

As of April 30, 2026 the best value apartment in the South Anchorage area is the $1.86 price per square foot 2x2 B Model at Admirals Cove in the in the Downtown Anchorage neighborhood starting from $2,045. The second greatest value South Anchorage apartment is the 7231 E Chester Heights Cir Model at 7231 E Chester Heights Cir starting at $2,000 with a $2.00 price per square foot in the Downtown Anchorage neighborhood. Here is today’s list of the best values for South Anchorage apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Admirals Cove2x2 B2BR,2BA$1.86
7231 E Chester Heights Cir7231 E Chester Heights Cir1BR,1BA$2.00
1101 Eagle St3 bed / 1 bath3BR,1BA$1.59
Brighton WoodsOak2BR,1.5BA$1.95
Town Square Manor Apartments2x2 9242BR,2BA$1.94
Deer ParkTwo Bedroom2BR,1BA$1.78
Arctic Sun2x1 9002BR,1BA$1.73
Northwind Apartments2nd Floor 1 bedroom1BR,1BA$1.70
Hillside Chalet1 bedroom1BR,1BA$1.81
Chester Park Estate1BD/1BA- Floorplan A1BR,1BA$1.83

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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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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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Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of rentals in cities across the United States, including Anchorage. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including searching for the best amenities, and the best outdoor access, transit availability, pet-friendly communities, features that make it easier to raise kids, and other valuable search options. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap South Anchorage Apartments

What is the Cheapest Studio apartment in South Anchorage?

Currently the most affordable Cheap Studio Apartment in South Anchorage is at Country Lane listed at $1,025.

How much is rent for a Cheap One Bedroom South Anchorage Apartment?

The lowest price for a Cheap One Bedroom South Anchorage Apartment is $1,110 at Castle.

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

Today's best deal for a Cheap Two Bedroom Apartment in South Anchorage is starting from $1,350 at Susitna Ridge.

What is the most affordable South Anchorage Three Bedroom Apartment?

The best deal on a cheap South Anchorage Three Bedroom Apartment rental is at 1101 Eagle St and starts from $1,550.

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 Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.