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 April 29, 2026, the average rent in Anchorage is $1,335, which is 2.1% 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
$1,293/Month
Year-Over-Year Rent Change
0.2%
Units Available
34 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 $1,293, while the city’s average stands at $1,335. In the last year, prices have increased by 0.2%. Midtown Anchorage is near Tony Knowles Coastal Trail, Debenham Plaza, and Tudor Square.
Spenard
Average Rent
$1,357/Month
Year-Over-Year Rent Change
2.3%
Units Available
37 Rentals
Spenard is a top choice for budget-conscious renters for a variety of reasons. The average rent in Spenard is $1,357 while the city average is $1,335. This is a -2.3% difference from last year. Residents enjoy convenient access to Anchorage Museum, Aurora Village, and Ted Stevens Anchorage International.
Russian Jack Park
Average Rent
$1,383/Month
Year-Over-Year Rent Change
1.8%
Units Available
17 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out Russian Jack Park. The average rent is $1,383, compared to the city average of $1,335. Rent prices have decreased by 1.8%. Russian Jack Park is convenient to Northway Commerce Park, Alaska Museum of Natural History, and Eastgate Shopping Center.
Northeast Anchorage
Average Rent
$1,438/Month
Year-Over-Year Rent Change
0.7%
Units Available
12 Rentals
Northeast Anchorage is an affordable neighborhood in Anchorage with an average rent price of $1,438. Compare this to the city average of $1,335. In the past year, rent prices have increased by 0.7%. Northeast Anchorage provides easy access to Alaska Museum of Natural History, Charter College-Anchorage, and Arctic Valley and Alpenglow Lodge.
North Star
Average Rent
$1,443/Month
Year-Over-Year Rent Change
0.8%
Units Available
54 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 $1,443, while the city’s average stands at $1,335. In the last year, prices have increased by 0.8%. North Star is near Anchorage Museum, Fairview Shopping Center, and Charter College-Anchorage.
Downtown Anchorage
Average Rent
$1,445/Month
Year-Over-Year Rent Change
0.5%
Units Available
153 Rentals
Downtown Anchorage is a top choice for budget-conscious renters for a variety of reasons. The average rent in Downtown Anchorage is $1,445 while the city average is $1,335. This is a 0.5% difference from last year. Residents enjoy convenient access to Anchorage Museum, Northway Commerce Park, and Fairview Shopping Center.
South Addition
Average Rent
$1,635/Month
Year-Over-Year Rent Change
1.7%
Units Available
12 Rentals
When you’re looking for a great Anchorage neighborhood on a budget, check out South Addition. The average rent is $1,635, compared to the city average of $1,335. Rent prices have increased by 1.7%. South Addition is convenient to Anchorage 5th Avenue Mall, Charter College-Anchorage, and Merrill Field.
South Anchorage
Average Rent
$1,649/Month
Year-Over-Year Rent Change
2%
Units Available
70 Rentals
South Anchorage is an affordable neighborhood in Anchorage with an average rent price of $1,649. Compare this to the city average of $1,335. In the past year, rent prices have decreased by 2%. South Anchorage provides easy access to Merrill Field, Hilltop Ski Area, and Ted Stevens Anchorage International.
Campbell Park
Average Rent
$1,690/Month
Year-Over-Year Rent Change
2.3%
Units Available
56 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 $1,690, while the city’s average stands at $1,335. In the last year, prices have decreased by 2.3%. Campbell Park is near Alaska Zoo, BLM Campbell Creek Science Center, and Alaska Botanical Garden.
Abbott Loop
Average Rent
$1,844/Month
Year-Over-Year Rent Change
1.3%
Units Available
36 Rentals
Abbott Loop is a top choice for budget-conscious renters for a variety of reasons. The average rent in Abbott Loop is $1,844 while the city average is $1,335. This is a 1.3% difference from last year. Residents enjoy convenient access to Ted Stevens Anchorage International, Alaska Botanical Garden, and Alaska Pacific University.
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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.