Most Affordable Neighborhoods in Anchorage, AK
Some of the cheapest neighborhoods in Anchorage are Midtown Anchorage, North Star, and Spenard. These neighborhoods offer some of the lowest rent prices in Anchorage, making them ideal for renters on a budget. As of July 29, 2025, the average rent in Anchorage is $1,325, which is 2.2% 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
$1,337/Month
Year-Over-Year Rent Change
5.3%
TransitScore® Rating
37/100
Units Available
14 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Midtown Anchorage might be the perfect place! It has an average rent price of $1,337, while the city’s average stands at $1,325. In the last year, prices have increased by 5.3%. Midtown Anchorage is near Ted Stevens Anchorage International, Andover Center, and Anchorage Museum.
North Star
Average Rent
$1,364/Month
Year-Over-Year Rent Change
3.1%
TransitScore® Rating
42/100
Units Available
39 Rentals
North Star is a top choice for budget-conscious renters for a variety of reasons. The average rent in North Star is $1,364 while the city average is $1,325. This is a 3.1% difference from last year. Residents enjoy convenient access to Tony Knowles Coastal Trail, Anchorage 5th Avenue Mall, and Alaska Museum of Natural History. The neighborhood is considered walkable with a WalkScore® of 72.
Spenard
Average Rent
$1,402/Month
Year-Over-Year Rent Change
1.8%
TransitScore® Rating
38/100
Units Available
27 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Spenard. The average rent is $1,402, compared to the city average of $1,325. Rent prices have increased by 1.8%. Spenard is convenient to Anchorage Park Foundation, Tony Knowles Coastal Trail, and Merrill Field. The community is walkable with a WalkScore® of 78.
Downtown Anchorage
Average Rent
$1,436/Month
Year-Over-Year Rent Change
2.7%
TransitScore® Rating
41/100
Units Available
89 Rentals
Downtown Anchorage is an affordable neighborhood in Anchorage with an average rent price of $1,436. Compare this to the city average of $1,325. In the past year, rent prices have increased by 2.7%. Downtown Anchorage provides easy access to Alaska Botanical Garden, Fairview Shopping Center, and Ted Stevens Anchorage International. It’s a somewhat walkable neighborhood with a WalkScore® of 68.
South Addition
Average Rent
$1,571/Month
Year-Over-Year Rent Change
3.7%
TransitScore® Rating
49/100
Units Available
20 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, South Addition might be the perfect place! It has an average rent price of $1,571, while the city’s average stands at $1,325. In the last year, prices have increased by 3.7%. South Addition is near The Bear Square, Anchorage 5th Avenue Mall, and Fairview Shopping Center.
South Anchorage
Average Rent
$1,780/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
25/100
Units Available
44 Rentals
South Anchorage is a top choice for budget-conscious renters for a variety of reasons. The average rent in South Anchorage is $1,780 while the city average is $1,325. This is a 0.7% difference from last year. Residents enjoy convenient access to Charter College-Anchorage, Ted Stevens Anchorage International, and Dimond Crossing. The neighborhood is considered somewhat walkable with a WalkScore® of 53.
Campbell Park
Average Rent
$1,818/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
34/100
Units Available
28 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Campbell Park. The average rent is $1,818, compared to the city average of $1,325. Rent prices have increased by 0.8%. Campbell Park is convenient to Northern Lights Shopping Center, BLM Campbell Creek Science Center, and Charter College-Anchorage. The community is somewhat walkable with a WalkScore® of 60.
Abbott Loop
Average Rent
$1,834/Month
Year-Over-Year Rent Change
1%
TransitScore® Rating
26/100
Units Available
25 Rentals
Abbott Loop is an affordable neighborhood in Anchorage with an average rent price of $1,834. Compare this to the city average of $1,325. In the past year, rent prices have increased by 1%. Abbott Loop provides easy access to University of Alaska Anchorage, Ind Park Shopping Center, and Merrill Field. It’s a somewhat walkable neighborhood with a WalkScore® of 57.
Sand Lake
Average Rent
$1,859/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
16/100
Units Available
12 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Sand Lake might be the perfect place! It has an average rent price of $1,859, while the city’s average stands at $1,325. In the last year, prices have increased by 1.2%. Sand Lake is near BLM Campbell Creek Science Center, University of Alaska Anchorage, and Anchorage Museum.
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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.