Most Affordable Neighborhoods in Albany, NY
Some of the cheapest neighborhoods in Albany are Central Avenue, Normanskill/Kenwood, and Center Square. These neighborhoods offer some of the lowest rent prices in Albany, making them ideal for renters on a budget. As of November 2, 2025, the average rent in Albany is $1,531, which is 1.8% 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.
Central Avenue
Average Rent
$1,442/Month
Year-Over-Year Rent Change
0.6%
TransitScore® Rating
68/100
Units Available
13 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.
Normanskill/Kenwood
Average Rent
$1,444/Month
Year-Over-Year Rent Change
1.3%
TransitScore® Rating
39/100
Units Available
10 Rentals
Normanskill/Kenwood is a scenic neighborhood surrounded by greenery. Residents enjoy access to parks, hiking trails, and the Normans Kill Creek. Easy access to Downtown Albany makes this area perfect for nature lovers seeking a suburban living with city conveniences.
Center Square
Average Rent
$1,474/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
69/100
Units Available
19 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
4.9%
TransitScore® Rating
71/100
Units Available
17 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.
Arbor Hill
Average Rent
$1,520/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
64/100
Units Available
35 Rentals
Arbor Hill is an affordable neighborhood in Albany with an average rent price of $1,520. Compare this to the city average of $1,531. In the past year, rent prices have decreased by 0.8%. Arbor Hill provides easy access to New York State Museum, Albany Law School, and SUNY Albany, Downtown Campus. It’s a somewhat walkable neighborhood with a WalkScore® of 66.
Pine Hills
Average Rent
$1,528/Month
Year-Over-Year Rent Change
4%
TransitScore® Rating
58/100
Units Available
13 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.
Capitol Hill
Average Rent
$1,536/Month
Year-Over-Year Rent Change
2.5%
TransitScore® Rating
67/100
Units Available
21 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 $1,536, while the city’s average stands at $1,531. In the last year, prices have decreased by 2.5%. Capitol Hill is near Albany International, Albany Medical College, and The Sage Colleges, Albany.
Washington Park
Average Rent
$1,536/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
63/100
Units Available
24 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.
Burt Farm
Average Rent
$1,572/Month
TransitScore® Rating
57/100
Units Available
10 Rentals
Burt Farm is a top choice for budget-conscious renters for a variety of reasons. The average rent in Burt Farm is $1,572 while the city average is $1,531. Residents enjoy convenient access to Children's Museum of Science & Technology, The College of Saint Rose, and New York State Museum. The neighborhood is considered walkable with a WalkScore® of 84.
Downtown Albany Historic District
Average Rent
$1,583/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
71/100
Units Available
36 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.
Ready to make your move to Albany? Check out the rent specials, price drops, and great deals on ApartmentFinder.com!
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.