Best Affordable Neighborhoods in Anchorage, AK
Some of the cheapest neighborhoods in Anchorage are Midtown Anchorage, Spenard, and Russian Jack Park. These neighborhoods offer some of the lowest rent prices in Anchorage, making them ideal for renters on a budget. As of March 15, 2026, the average rent in Anchorage is $1,333, which is 1.8% 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
$1,320/Month
Year-Over-Year Rent Change
1.7%
TransitScore® Rating
37/100
Units Available
29 Rentals
Midtown Anchorage is a top choice for budget-conscious renters for a variety of reasons. The average rent in Midtown Anchorage is $1,320 while the city average is $1,333. This is a 1.7% difference from last year. Residents enjoy convenient access to Alaska Pacific University, Charter College-Anchorage, and Tudor Square. The neighborhood is considered walkable with a WalkScore® of 70.
Spenard
Average Rent
$1,349/Month
Year-Over-Year Rent Change
2.3%
TransitScore® Rating
38/100
Units Available
36 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Spenard. The average rent is $1,349, compared to the city average of $1,333. Rent prices have increased by 2.3%. Spenard is convenient to Tony Knowles Coastal Trail, Ted Stevens Anchorage International, and Alaska Museum of Natural History. The community is walkable with a WalkScore® of 78.
Russian Jack Park
Average Rent
$1,396/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
39/100
Units Available
15 Rentals
Russian Jack Park is an affordable neighborhood in Anchorage with an average rent price of $1,396. Compare this to the city average of $1,333. In the past year, rent prices have increased by 1.6%. Russian Jack Park provides easy access to BLM Campbell Creek Science Center, Ted Stevens Anchorage International, and Alaska Botanical Garden. It’s a somewhat walkable neighborhood with a WalkScore® of 58.
North Star
Average Rent
$1,433/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
42/100
Units Available
57 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, North Star might be the perfect place! It has an average rent price of $1,433, while the city’s average stands at $1,333. In the last year, prices have increased by 1.2%. North Star is near Alaska Botanical Garden, University of Alaska Anchorage, and Anchorage Museum.
Downtown Anchorage
Average Rent
$1,449/Month
Year-Over-Year Rent Change
1.8%
TransitScore® Rating
41/100
Units Available
149 Rentals
Downtown Anchorage is a top choice for budget-conscious renters for a variety of reasons. The average rent in Downtown Anchorage is $1,449 while the city average is $1,333. This is a 1.8% difference from last year. Residents enjoy convenient access to Anchorage Museum, Alaska Pacific University, and Anchorage Park Foundation. The neighborhood is considered somewhat walkable with a WalkScore® of 68.
Northeast Anchorage
Average Rent
$1,526/Month
Year-Over-Year Rent Change
5.4%
TransitScore® Rating
37/100
Units Available
13 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Northeast Anchorage. The average rent is $1,526, compared to the city average of $1,333. Rent prices have increased by 5.4%. Northeast Anchorage is convenient to Alaska Botanical Garden, Arctic Valley and Alpenglow Lodge, and Russian Jack Plaza. The community is somewhat walkable with a WalkScore® of 58.
South Addition
Average Rent
$1,645/Month
Year-Over-Year Rent Change
4.3%
TransitScore® Rating
49/100
Units Available
14 Rentals
South Addition is an affordable neighborhood in Anchorage with an average rent price of $1,645. Compare this to the city average of $1,333. In the past year, rent prices have decreased by 4.3%. South Addition provides easy access to Charter College-Anchorage, Ted Stevens Anchorage International, and Alaska Pacific University. It’s a walkable neighborhood with a WalkScore® of 78.
South Anchorage
Average Rent
$1,683/Month
Year-Over-Year Rent Change
1.9%
TransitScore® Rating
25/100
Units Available
70 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, South Anchorage might be the perfect place! It has an average rent price of $1,683, while the city’s average stands at $1,333. In the last year, prices have increased by 1.9%. South Anchorage is near Far North Bicentennial Park, Dimond Crossing, and Charter College-Anchorage.
Campbell Park
Average Rent
$1,704/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
34/100
Units Available
55 Rentals
Campbell Park is a top choice for budget-conscious renters for a variety of reasons. The average rent in Campbell Park is $1,704 while the city average is $1,333. This is a 2% difference from last year. Residents enjoy convenient access to Alaska Zoo, Alaska Pacific University, and Hilltop Ski Area. The neighborhood is considered somewhat walkable with a WalkScore® of 60.
Abbott Loop
Average Rent
$1,880/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
26/100
Units Available
36 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Abbott Loop. The average rent is $1,880, compared to the city average of $1,333. Rent prices have increased by 1.2%. Abbott Loop is convenient to Ind Park Shopping Center, BLM Campbell Creek Science Center, and Alaska Botanical Garden. The community is somewhat walkable with a WalkScore® of 57.
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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.