Cheap Apartments for Rent in Albany, NY from $500 (137 Rentals)

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

property at 45 Park Ave

45 Park 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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property at 566 Park Ave

566 Park Ave

AlbanyNY12208
property at 159 1st St

159 1st St

AlbanyNY12210
Showing Results 1-50, Page 1 of 3

Albany, NY Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Albany, NY

Pricing Updated: 04/12/2025

Current apartment rentals in the Albany, NY area range in price from $700 to $4,250 with an overall median price of $2,384. The three Albany neighborhoods with the lowest median rent pricing are Hamilton Hill at $1,400, South End at $945, and Central State at $775. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Albany Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Hamilton Hill$1,400$1,4001
South End$1,600$9457
Central State$1,764$77520
Winchester Gables$1,800$1,8001
Central Avenue$1,930$90069
Center Square$1,937$90050
North Albany Shaker Park$1,950$875160
Downtown Schenectady$1,970$82570
Manning Boulevard$2,000$1,6001
Melrose$2,000$96825

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 $800. 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$800
Capitol GreenStudioStudio,1BA$875
361 State StStudioStudio,1BA$900
338 Hudson streetStudio, 1 BathroomStudio,1BA$950
The Valley GreenShared 2 Bed 1 Bath B1BR,1BA$950
Campus View ApartmentsStudio1BR,1BA$968
11 S LakeStudio ApartmentStudio,1BA$1,000
363 state streetStudio, 1 BathroomStudio,1BA$1,000

Best Value Apartments for Rent in Albany, NY

As of April 13, 2025 the best value apartment in the Albany area is the $1.07 price per square foot The James Model at 44 James in the in the Melrose neighborhood starting from $2,400. The second greatest value Albany apartment is the 442 Clinton Ave Model at 442 Clinton Ave, Unit #2 starting at $2,000 with a $1.18 price per square foot in the Whitehall 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.
44 JamesThe James2BR,1BA$1.07
442 Clinton Ave, Unit #2442 Clinton Ave3BR,2BA$1.18
Presidential Townhome RentalsGranite Standard2BR,1.5BA$1.17
Greenbush Terrace2x2b2BR,2BA$0.94
459 Jay St, Unit 1459 Jay St2BR,1BA$0.96
126 4th St, Unit 1126 4th St1BR,1BA$0.58
110 Williams Street Aly, Unit RPI HOUSING 2 bed110 Williams Street Aly2BR,1BA$1.00
182 River St, Unit 166 River St apt C182 River St2BR,1BA$1.08
The Valley GreenShared 2 Bed 1 Bath B1BR,1BA$1.09
246 Delaware Ave, Unit 1 East246 Delaware Ave2BR,1BA$1.12

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Albany Overview

"Albany is the state capital of New York, and is a city brimming with historical significance. It is the oldest continuous chartered city in the United States and works to preserve its history. Although well-known for revering its history and Dutch culture, Albany also embraces modern advancement. The ""Tech Valley"" industry is on the rise and has helped economy in New York State's Capital District. The Capital District is the metro area surrounding Albany. The cities included are Albany, Schenectady and Troy. The Capital District is the third most populated region in New York. Its metropolitan population is over 1.1 million. The city of Albany's population reaches almost 100,000. Apartments in Albany could be a fit for seekers looking for a blend of historical and modern elements."

Why live in Albany, NY?

Albany is a great city that pays homage to its rich history while embracing a modern way of life. Albany is also an excellent center for higher education. It's one of the best places to get an education, according to a Forbes survey in 2005. Albany has several parks, Washington Park the most well-known, for the outdoorsy type. The Pine Bush and Lincoln Park are a couple other parks found in Albany. Albany is also serious about improving its community. The National Civic League has awarded Albany the All-America award twice for community improvement.

Pet Friendly Lifestyle

Ranked #

Pet Friendliness Lifestyle Score

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

Explore Albany, NY Rentals by Map

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See the most popular apartments and homes in Albany, NY

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Getting Around Albany, NY

Walk Score®

69 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

54 / 100

Bikeable

Some bike infrastructure

Transit Score®

42 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Albany, NY Area Reviews

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

Frequently Asked Questions about Cheap Albany Apartments

What is a cheap apartment in Albany?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Albany is under $1,000.

What is the price of a cheap apartment in Albany?

The cheapest apartment in Albany is The Valley Green which is listed at $950, while the average apartment in Albany costs $2,384.

What types of apartments are the cheapest in 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 118 regular apartments in 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 Albany?

Cheap apartments in Albany have an average cost of $482 which is $1,902 cheaper than the average rent for all rentals in Albany.

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.

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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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.