Best Affordable Neighborhoods in Albany, NY
Some of the cheapest neighborhoods in Albany are Pine Hills, Center Square, and Sheridan Hollow. These neighborhoods offer some of the lowest rent prices in Albany, making them ideal for renters on a budget. As of December 20, 2025, the average rent in Albany is $1,542, 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.
Pine Hills
Average Rent
$1,458/Month
Year-Over-Year Rent Change
4.2%
TransitScore® Rating
58/100
Units Available
18 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.
Center Square
Average Rent
$1,459/Month
Year-Over-Year Rent Change
3.2%
TransitScore® Rating
69/100
Units Available
21 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.
Sheridan Hollow
Average Rent
$1,484/Month
Year-Over-Year Rent Change
4.5%
TransitScore® Rating
71/100
Units Available
10 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.
Burt Farm
Average Rent
$1,491/Month
TransitScore® Rating
57/100
Units Available
10 Rentals
When you’re looking for a great Albany neighborhood on a budget, check out Burt Farm. The average rent is $1,491, compared to the city average of $1,542. Burt Farm is convenient to Albany International, Crestwood Plaza, and Five Rivers Environmental Education Center. The community is walkable with a WalkScore® of 84.
Arbor Hill
Average Rent
$1,512/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
64/100
Units Available
45 Rentals
Arbor Hill is an affordable neighborhood in Albany with an average rent price of $1,512. Compare this to the city average of $1,542. In the past year, rent prices have decreased by 0.4%. Arbor Hill provides easy access to Five Rivers Environmental Education Center, SUNY Albany, Downtown Campus, and Albany Medical College. It’s a somewhat walkable neighborhood with a WalkScore® of 66.
Capitol Hill
Average Rent
$1,521/Month
Year-Over-Year Rent Change
3.2%
TransitScore® Rating
67/100
Units Available
18 Rentals
If you’re looking for a great, affordable neighborhood in Albany, Capitol Hill might be the perfect place! It has an average rent price of $1,521, while the city’s average stands at $1,542. In the last year, prices have decreased by 3.2%. Capitol Hill is near Hudson River Valley National Heritage Area, Five Rivers Environmental Education Center, and Children's Museum of Science & Technology.
Downtown Albany Historic District
Average Rent
$1,541/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
71/100
Units Available
29 Rentals
The Downtown Albany Historic District is a bustling area filled with art, history, and nightlife. Catch a show at the MVP Arena or an art exhibit at the Albany Center Gallery. The neighborhood's walkability and vintage architecture make it a city landmark.
Downtown Albany
Average Rent
$1,578/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
62/100
Units Available
172 Rentals
Downtown Albany is a top choice for budget-conscious renters for a variety of reasons. The average rent in Downtown Albany is $1,578 while the city average is $1,542. This is a 1.6% difference from last year. Residents enjoy convenient access to The College of Saint Rose, Five Rivers Environmental Education Center, and New York State Museum. The neighborhood is considered walkable with a WalkScore® of 84.
Washington Park
Average Rent
$1,646/Month
Year-Over-Year Rent Change
0.3%
TransitScore® Rating
63/100
Units Available
18 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.
Park South
Average Rent
$1,674/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
63/100
Units Available
20 Rentals
When you’re looking for a great Albany neighborhood on a budget, check out Park South. The average rent is $1,674, compared to the city average of $1,542. Rent prices have increased by 1.6%. Park South is convenient to Albany Law School, Albany International, and Mt Hope Commons At Albany. The community is walkable with a WalkScore® of 88.
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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.