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 September 13, 2025, the average rent in Anchorage is $1,322, which is 1.9% 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
$1,346/Month
Year-Over-Year Rent Change
3.2%
TransitScore® Rating
37/100
Units Available
15 Rentals
Midtown Anchorage is a top choice for budget-conscious renters for a variety of reasons. The average rent in Midtown Anchorage is $1,346 while the city average is $1,322. This is a 3.2% difference from last year. Residents enjoy convenient access to Ted Stevens Anchorage International, Merrill Field, and BLM Campbell Creek Science Center. The neighborhood is considered walkable with a WalkScore® of 70.
North Star
Average Rent
$1,361/Month
Year-Over-Year Rent Change
3.2%
TransitScore® Rating
42/100
Units Available
37 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out North Star. The average rent is $1,361, compared to the city average of $1,322. Rent prices have increased by 3.2%. North Star is convenient to Alaska Museum of Natural History, Alaska Pacific University, and Merrill Field. The community is walkable with a WalkScore® of 72.
Spenard
Average Rent
$1,390/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
38/100
Units Available
26 Rentals
Spenard is an affordable neighborhood in Anchorage with an average rent price of $1,390. Compare this to the city average of $1,322. In the past year, rent prices have decreased by 0.1%. Spenard provides easy access to Aurora Village, Charter College-Anchorage, and Alaska Museum of Natural History. It’s a walkable neighborhood with a WalkScore® of 78.
Taku/Campbell
Average Rent
$1,401/Month
Year-Over-Year Rent Change
0.2%
TransitScore® Rating
30/100
Units Available
11 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Taku/Campbell might be the perfect place! It has an average rent price of $1,401, while the city’s average stands at $1,322. In the last year, prices have decreased by 0.2%. Taku/Campbell is near Dimond Center, Dimond Crossing, and Alaska Zoo.
Russian Jack Park
Average Rent
$1,414/Month
Year-Over-Year Rent Change
4.3%
TransitScore® Rating
39/100
Units Available
10 Rentals
Russian Jack Park is a top choice for budget-conscious renters for a variety of reasons. The average rent in Russian Jack Park is $1,414 while the city average is $1,322. This is a 4.3% difference from last year. Residents enjoy convenient access to University of Alaska Anchorage, BLM Campbell Creek Science Center, and Alaska Museum of Natural History. The neighborhood is considered somewhat walkable with a WalkScore® of 58.
Russian Jack Manor
Average Rent
$1,414/Month
TransitScore® Rating
42/100
Units Available
10 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Russian Jack Manor. The average rent is $1,414, compared to the city average of $1,322. Russian Jack Manor is convenient to University of Alaska Anchorage, Merrill Field, and Alaska Pacific University. The community is car-dependent with a WalkScore® of 39.
Downtown Anchorage
Average Rent
$1,447/Month
Year-Over-Year Rent Change
2.1%
TransitScore® Rating
41/100
Units Available
95 Rentals
Downtown Anchorage is an affordable neighborhood in Anchorage with an average rent price of $1,447. Compare this to the city average of $1,322. In the past year, rent prices have increased by 2.1%. Downtown Anchorage provides easy access to Tony Knowles Coastal Trail, Northway Mall, and Merrill Field. It’s a somewhat walkable neighborhood with a WalkScore® of 68.
Simonian
Average Rent
$1,610/Month
TransitScore® Rating
27/100
Units Available
11 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Simonian might be the perfect place! It has an average rent price of $1,610, while the city’s average stands at $1,322. Simonian is near Merrill Field, Postal Plaza, and Alaska Zoo.
South Addition
Average Rent
$1,630/Month
Year-Over-Year Rent Change
5.2%
TransitScore® Rating
49/100
Units Available
16 Rentals
South Addition is a top choice for budget-conscious renters for a variety of reasons. The average rent in South Addition is $1,630 while the city average is $1,322. This is a 5.2% difference from last year. Residents enjoy convenient access to University of Alaska Anchorage, Charter College-Anchorage, and Alaska Museum of Natural History. The neighborhood is considered walkable with a WalkScore® of 78.
Sand Lake
Average Rent
$1,719/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
16/100
Units Available
14 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Sand Lake. The average rent is $1,719, compared to the city average of $1,322. Rent prices have decreased by 0.7%. Sand Lake is convenient to Bayshore Mall, Anchorage Park Foundation, and University of Alaska Anchorage. The community is car-dependent with a WalkScore® of 40.
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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.