Cheapest Neighborhoods in Anchorage, AK
Some of the cheapest neighborhoods in Anchorage are Mount Vernon Commons, Midtown Anchorage, and Spenard. These neighborhoods offer some of the lowest rent prices in Anchorage, making them ideal for renters on a budget. As of July 30, 2026, the average rent in Anchorage is $1,359, which is 1.7% 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.
Mount Vernon Commons
Average Rent
$1,241/Month
Units Available
10 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Mount Vernon Commons. The average rent is $1,241, compared to the city average of $1,359.
Midtown Anchorage
Average Rent
$1,287/Month
Year-Over-Year Rent Change
0.3%
Units Available
40 Rentals
Midtown Anchorage is an affordable neighborhood in Anchorage with an average rent price of $1,287. Compare this to the city average of $1,359. In the past year, rent prices have increased by 0.3%. Midtown Anchorage provides easy access to Anchorage Park Foundation, Charter College-Anchorage, and Alaska Pacific University.
Spenard
Average Rent
$1,300/Month
Year-Over-Year Rent Change
1.1%
Units Available
40 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Spenard might be the perfect place! It has an average rent price of $1,300, while the city’s average stands at $1,359. In the last year, prices have decreased by 1.1%. Spenard is near Choi's Plaza, BLM Campbell Creek Science Center, and Tony Knowles Coastal Trail.
North Star
Average Rent
$1,406/Month
Year-Over-Year Rent Change
4.2%
Units Available
63 Rentals
North Star is a top choice for budget-conscious renters for a variety of reasons. The average rent in North Star is $1,406 while the city average is $1,359. This is a 4.2% difference from last year. Residents enjoy convenient access to Alaska Botanical Garden, Fairview Shopping Center, and Merrill Field.
Downtown Anchorage
Average Rent
$1,417/Month
Year-Over-Year Rent Change
1.3%
Units Available
147 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Downtown Anchorage. The average rent is $1,417, compared to the city average of $1,359. Rent prices have increased by 1.3%. Downtown Anchorage is convenient to 707-719 E 15th Ave, 2210 E Northern Lights Blvd, and Merrill Field.
Russian Jack Park
Average Rent
$1,424/Month
Year-Over-Year Rent Change
0.2%
Units Available
20 Rentals
Russian Jack Park is an affordable neighborhood in Anchorage with an average rent price of $1,424. Compare this to the city average of $1,359. In the past year, rent prices have increased by 0.2%. Russian Jack Park provides easy access to Northway Commerce Park, Eastgate Shopping Center, and Anchorage Museum.
Simonian
Average Rent
$1,473/Month
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 $1,473, while the city’s average stands at $1,359.
South Addition
Average Rent
$1,651/Month
Year-Over-Year Rent Change
0.9%
Units Available
21 Rentals
South Addition is a top choice for budget-conscious renters for a variety of reasons. The average rent in South Addition is $1,651 while the city average is $1,359. This is a 0.9% difference from last year. Residents enjoy convenient access to Ted Stevens Anchorage International, Fairview Shopping Center, and Merrill Field.
Campbell Park
Average Rent
$1,688/Month
Year-Over-Year Rent Change
0.8%
Units Available
42 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Campbell Park. The average rent is $1,688, compared to the city average of $1,359. Rent prices have increased by 0.8%. Campbell Park is convenient to BLM Campbell Creek Science Center, Postal Plaza, and University of Alaska Anchorage.
South Anchorage
Average Rent
$1,807/Month
Year-Over-Year Rent Change
1.5%
Units Available
39 Rentals
South Anchorage is an affordable neighborhood in Anchorage with an average rent price of $1,807. Compare this to the city average of $1,359. In the past year, rent prices have increased by 1.5%. South Anchorage provides easy access to Charter College-Anchorage, 8840 Old Seward Hwy, and BLM Campbell Creek Science Center.
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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.