Cheapest Neighborhoods in Anchorage, AK
Some of the cheapest neighborhoods in Anchorage are Midtown Anchorage, Spenard, and North Star. These neighborhoods offer some of the lowest rent prices in Anchorage, making them ideal for renters on a budget. As of June 13, 2026, the average rent in Anchorage is $1,359, which is 1.3% higher than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Midtown Anchorage
Average Rent
$1,299/Month
Year-Over-Year Rent Change
0.8%
Units Available
32 Rentals
Midtown Anchorage is a top choice for budget-conscious renters for a variety of reasons. The average rent in Midtown Anchorage is $1,299 while the city average is $1,359. This is a 0.8% difference from last year. Residents enjoy convenient access to Tony Knowles Coastal Trail, Ted Stevens Anchorage International, and Alaska Pacific University.
Spenard
Average Rent
$1,326/Month
Year-Over-Year Rent Change
2.5%
Units Available
35 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Spenard. The average rent is $1,326, compared to the city average of $1,359. Rent prices have decreased by 2.5%. Spenard is convenient to University of Alaska Anchorage, Alaska Pacific University, and Charter College-Anchorage.
North Star
Average Rent
$1,340/Month
Year-Over-Year Rent Change
2.1%
Units Available
50 Rentals
North Star is an affordable neighborhood in Anchorage with an average rent price of $1,340. Compare this to the city average of $1,359. In the past year, rent prices have increased by 2.1%. North Star provides easy access to University of Alaska Anchorage, Alaska Botanical Garden, and Anchorage Museum.
Russian Jack Park
Average Rent
$1,341/Month
Year-Over-Year Rent Change
1.8%
Units Available
20 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Russian Jack Park might be the perfect place! It has an average rent price of $1,341, while the city’s average stands at $1,359. In the last year, prices have decreased by 1.8%. Russian Jack Park is near Ted Stevens Anchorage International, Alaska Botanical Garden, and Alaska Pacific University.
Downtown Anchorage
Average Rent
$1,438/Month
Year-Over-Year Rent Change
1.4%
Units Available
143 Rentals
Downtown Anchorage is a top choice for budget-conscious renters for a variety of reasons. The average rent in Downtown Anchorage is $1,438 while the city average is $1,359. This is a 1.4% difference from last year. Residents enjoy convenient access to Merrill Field, Alaska Pacific University, and Alaska Museum of Natural History.
Campbell Park
Average Rent
$1,670/Month
Year-Over-Year Rent Change
0.3%
Units Available
43 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Campbell Park. The average rent is $1,670, compared to the city average of $1,359. Rent prices have increased by 0.3%. Campbell Park is convenient to Far North Bicentennial Park, University of Alaska Anchorage, and Alaska Zoo.
South Anchorage
Average Rent
$1,673/Month
Year-Over-Year Rent Change
0.8%
Units Available
53 Rentals
South Anchorage is an affordable neighborhood in Anchorage with an average rent price of $1,673. Compare this to the city average of $1,359. In the past year, rent prices have increased by 0.8%. South Anchorage provides easy access to Ted Stevens Anchorage International, Alaska Botanical Garden, and Alaska Zoo.
Abbott Loop
Average Rent
$1,811/Month
Year-Over-Year Rent Change
1.3%
Units Available
27 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Abbott Loop might be the perfect place! It has an average rent price of $1,811, while the city’s average stands at $1,359. In the last year, prices have increased by 1.3%. Abbott Loop is near Merrill Field, Ted Stevens Anchorage International, and Charter College-Anchorage.
South Addition
Average Rent
$1,842/Month
Year-Over-Year Rent Change
6.9%
Units Available
20 Rentals
South Addition is a top choice for budget-conscious renters for a variety of reasons. The average rent in South Addition is $1,842 while the city average is $1,359. This is a 6.9% difference from last year. Residents enjoy convenient access to Anchorage Park Foundation, University of Alaska Anchorage, and Alaska Museum of Natural History.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.