Best Affordable 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 December 12, 2025, the average rent in Anchorage is $1,321, which is 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
$1,296/Month
Year-Over-Year Rent Change
3.7%
TransitScore® Rating
37/100
Units Available
24 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 $1,296, while the city’s average stands at $1,321. In the last year, prices have increased by 3.7%. Midtown Anchorage is near Anchorage Museum, Tony Knowles Coastal Trail, and Debenham Plaza.
Spenard
Average Rent
$1,349/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
38/100
Units Available
41 Rentals
Spenard is a top choice for budget-conscious renters for a variety of reasons. The average rent in Spenard is $1,349 while the city average is $1,321. This is a 0.4% difference from last year. Residents enjoy convenient access to Alaska Museum of Natural History, University of Alaska Anchorage, and Anchorage Museum. The neighborhood is considered walkable with a WalkScore® of 78.
North Star
Average Rent
$1,362/Month
Year-Over-Year Rent Change
3.1%
TransitScore® Rating
42/100
Units Available
67 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out North Star. The average rent is $1,362, compared to the city average of $1,321. Rent prices have increased by 3.1%. North Star is convenient to The Bear Square, Alaska Botanical Garden, and Merrill Field. The community is walkable with a WalkScore® of 72.
Russian Jack Park
Average Rent
$1,372/Month
Year-Over-Year Rent Change
2.8%
TransitScore® Rating
39/100
Units Available
17 Rentals
Russian Jack Park is an affordable neighborhood in Anchorage with an average rent price of $1,372. Compare this to the city average of $1,321. In the past year, rent prices have increased by 2.8%. Russian Jack Park provides easy access to Eastgate Shopping Center, Anchorage Park Foundation, and Alaska Pacific University. It’s a somewhat walkable neighborhood with a WalkScore® of 58.
Downtown Anchorage
Average Rent
$1,401/Month
Year-Over-Year Rent Change
2.4%
TransitScore® Rating
41/100
Units Available
157 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Downtown Anchorage might be the perfect place! It has an average rent price of $1,401, while the city’s average stands at $1,321. In the last year, prices have increased by 2.4%. Downtown Anchorage is near Anchorage Park Foundation, Glenn Square Shopping Center, and Northway Mall.
Sand Lake
Average Rent
$1,654/Month
Year-Over-Year Rent Change
7.7%
TransitScore® Rating
16/100
Units Available
15 Rentals
Sand Lake is a top choice for budget-conscious renters for a variety of reasons. The average rent in Sand Lake is $1,654 while the city average is $1,321. This is a 7.7% difference from last year. Residents enjoy convenient access to Charter College-Anchorage, Anchorage Park Foundation, and Ted Stevens Anchorage International. The neighborhood is considered car-dependent with a WalkScore® of 40.
South Addition
Average Rent
$1,664/Month
Year-Over-Year Rent Change
7.5%
TransitScore® Rating
49/100
Units Available
17 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out South Addition. The average rent is $1,664, compared to the city average of $1,321. Rent prices have increased by 7.5%. South Addition is convenient to University of Alaska Anchorage, Alaska Botanical Garden, and Tony Knowles Coastal Trail. The community is walkable with a WalkScore® of 78.
South Anchorage
Average Rent
$1,715/Month
Year-Over-Year Rent Change
1.8%
TransitScore® Rating
25/100
Units Available
77 Rentals
South Anchorage is an affordable neighborhood in Anchorage with an average rent price of $1,715. Compare this to the city average of $1,321. In the past year, rent prices have increased by 1.8%. South Anchorage provides easy access to Alaska Zoo, Alaska Botanical Garden, and BLM Campbell Creek Science Center. It’s a somewhat walkable neighborhood with a WalkScore® of 53.
Campbell Park
Average Rent
$1,738/Month
Year-Over-Year Rent Change
1.5%
TransitScore® Rating
34/100
Units Available
58 Rentals
If you’re looking for a great, affordable neighborhood in Anchorage, Campbell Park might be the perfect place! It has an average rent price of $1,738, while the city’s average stands at $1,321. In the last year, prices have increased by 1.5%. Campbell Park is near Charter College-Anchorage, Postal Plaza, and Alaska Botanical Garden.
Abbott Loop
Average Rent
$1,947/Month
Year-Over-Year Rent Change
1%
TransitScore® Rating
26/100
Units Available
38 Rentals
Abbott Loop is a top choice for budget-conscious renters for a variety of reasons. The average rent in Abbott Loop is $1,947 while the city average is $1,321. This is a 1% difference from last year. Residents enjoy convenient access to Alaska Botanical Garden, Hilltop Ski Area, and Fred Meyer Abbott. The neighborhood is considered 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.