Best Affordable Neighborhoods in Albany, NY
Some of the cheapest neighborhoods in Albany are West Hill, Central Avenue, and Sheridan Hollow. These neighborhoods offer some of the lowest rent prices in Albany, making them ideal for renters on a budget. As of March 21, 2026, the average rent in Albany is $1,544, which is 2.3% 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.
West Hill
Average Rent
$1,186/Month
Year-Over-Year Rent Change
7.3%
Units Available
10 Rentals
West Hill is a diverse, community-centric neighborhood that gives renters a small town feel with the excitement of New York living. The Tivoli Lake Preserve provides the perfect getaway for nature lovers, and Bleecker Stadium enhances the community through youth and adult sports leagues.
Central Avenue
Average Rent
$1,405/Month
Year-Over-Year Rent Change
1.8%
Units Available
12 Rentals
Central Avenue is a bustling neighborhood next door to Washington Park offering shopping, dining, and public transportation. Renters will appreciate the variety of housing options and historic charm.
Sheridan Hollow
Average Rent
$1,434/Month
Year-Over-Year Rent Change
2.6%
Units Available
27 Rentals
Sheridan Hollow is a centrally located neighborhood just north of Downtown Albany. Historic townhomes and duplexes are a staple of Sheridan Hollow, giving the neighborhood the signature New York feel.
Campus Area
Average Rent
$1,467/Month
Year-Over-Year Rent Change
6.5%
Units Available
49 Rentals
Campus Area is a top choice for budget-conscious renters for a variety of reasons. The average rent in Campus Area is $1,467 while the city average is $1,544. This is a 6.5% difference from last year. Residents enjoy convenient access to University Plaza, The College of Saint Rose, and SUNY Albany, Uptown Campus.
Center Square
Average Rent
$1,496/Month
Year-Over-Year Rent Change
2.7%
Units Available
12 Rentals
Center Square is a historic neighborhood known for its charming brownstones and proximity to Washington Park. Events at The Egg and Empire State Plaza and exhibits at the New York State Museum ensure there's always something to do.
Capitol Hill
Average Rent
$1,528/Month
Year-Over-Year Rent Change
1.3%
Units Available
23 Rentals
When you’re looking for a great Albany neighborhood on a budget, check out Capitol Hill. The average rent is $1,528, compared to the city average of $1,544. Rent prices have increased by 1.3%. Capitol Hill is convenient to New York State Museum, Audubon Center at Knox Farm State Park, and Albany Law School.
Pine Hills
Average Rent
$1,580/Month
Year-Over-Year Rent Change
3.9%
Units Available
15 Rentals
Pine Hills is known for its historic homes and walkability. Residents enjoy living in a suburban, picket fence dream near Washington Park and Downtown Albany.
Westlawn
Average Rent
$1,587/Month
Units Available
17 Rentals
Westlawn is an affordable neighborhood in Albany with an average rent price of $1,587. Compare this to the city average of $1,544. Westlawn provides easy access to Albany International, Tawasentha Park, and Westmere Shopping Center.
Arbor Hill
Average Rent
$1,612/Month
Year-Over-Year Rent Change
0.7%
Units Available
51 Rentals
If you’re looking for a great, affordable neighborhood in Albany, Arbor Hill might be the perfect place! It has an average rent price of $1,612, while the city’s average stands at $1,544. In the last year, prices have increased by 0.7%. Arbor Hill is near Audubon Center at Knox Farm State Park, City Square Plaza, and Albany Law School.
Washington Park
Average Rent
$1,636/Month
Year-Over-Year Rent Change
2.4%
Units Available
22 Rentals
Washington Park is a popular neighborhood centered around its namesake, the iconic Washington Park. Renters will enjoy the proximity to local shops and restaurants, as well as community events at Washington Park.
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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.