Cheap Homes for Rent in Albany, NY from $500 (18 Rentals)

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Cheap Homes in Albany.

property at 49 Chestnut St

49 Chestnut St

RensselaerNY12144

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.

property at 48 Ida St

48 Ida St, Unit 1

48 Ida St
TroyNY12180
property at 120 S Lake Ave

120 S Lake Ave

AlbanyNY12208

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

property at 260 Madison St

260 Madison St

TroyNY12180

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

Albany, NY Local Guide

Cheapest Neighborhoods for Apartments in Albany, NY

Pricing Updated: 05/04/2025

Current apartment rentals in the Albany, NY area range in price from $800 to $4,250 with an overall median price of $2,524. The three Albany neighborhoods with the lowest median rent pricing are Hamilton Hill at $1,400, Central State at $805, and North Albany Shaker Park at $875. 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$1,550$1,4005
Central State$1,763$80523
North Albany Shaker Park$1,950$875150
Downtown Schenectady$1,960$82574
Mt Pleasant$1,975$80568
Winchester Gables$2,000$1,8002
Dunes$2,040$87556
Downtown$2,100$900105
South End$2,100$1,2006
Center Square$2,110$90065

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
361 State StStudioStudio,1BA$900
338 Hudson streetStudio, 1 BathroomStudio,1BA$950
The Valley GreenShared 2 Bed 1 Bath B1BR,1BA$950

Best Value Apartments for Rent in Albany, NY

As of May 04, 2025 the best value apartment in the Albany area is the $0.89 price per square foot The James Model at 44 James in the in the Melrose neighborhood starting from $1,995. The second greatest value Albany apartment is the Granite Standard Model at Presidential Townhome Rentals starting at $1,910 with a $1.17 price per square foot in the Dunes 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$0.89
Presidential Townhome RentalsGranite Standard2BR,1.5BA$1.17
160 River St, Unit 160160 River St2BR,1BA$0.97
459 Jay St, Unit 1459 Jay St2BR,1BA$0.96
126 4th St, Unit 1126 4th St1BR,1BA$0.58
182 River St, Unit 166 River St apt C182 River St2BR,1BA$1.08
184 River St, Unit 184 River Street184 River St1BR,1BA$1.18
164 River St, Unit 1164 River St2BR,1BA$1.18
246 Delaware Ave, Unit 2 West246 Delaware Ave2BR,1BA$1.01
The Valley GreenShared 2 Bed 1 Bath B1BR,1BA$1.09

Quick Rent Budget Calculator

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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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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 1413 Apartments for Rent in Albany, NY with pricing that ranges from $700 to $7,352. There are also 125 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 $2,207.

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 $7,352, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,200 to $3,200. Four Bedroom Single-Family rentals are also available starting from $1,795 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.

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.

decorative image for Navigating the Rental Market: Tips for First-Time Renters article

Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.