Cheapest Neighborhoods in Albany, NY
Some of the cheapest neighborhoods in Albany are Sheridan Hollow, Capitol Hill, and Arbor Hill. These neighborhoods offer some of the lowest rent prices in Albany, making them ideal for renters on a budget. As of June 20, 2026, the average rent in Albany is $1,567, which is 2.5% 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.
Sheridan Hollow
Average Rent
$1,445/Month
Year-Over-Year Rent Change
0.8%
Units Available
21 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.
Capitol Hill
Average Rent
$1,515/Month
Year-Over-Year Rent Change
6.2%
Units Available
13 Rentals
When you’re looking for a great Albany neighborhood on a budget, check out Capitol Hill. The average rent is $1,515, compared to the city average of $1,567. Rent prices have decreased by 6.2%. Capitol Hill is convenient to Albany Medical College, Elm Avenue Park, and Mt Hope Commons At Albany.
Arbor Hill
Average Rent
$1,559/Month
Year-Over-Year Rent Change
2.3%
Units Available
37 Rentals
Arbor Hill is an affordable neighborhood in Albany with an average rent price of $1,559. Compare this to the city average of $1,567. In the past year, rent prices have decreased by 2.3%. Arbor Hill provides easy access to New York State Museum, Delaware Plaza, and The College of Saint Rose.
Pine Hills
Average Rent
$1,564/Month
Year-Over-Year Rent Change
4.1%
Units Available
17 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.
Central Avenue
Average Rent
$1,580/Month
Year-Over-Year Rent Change
1.6%
Units Available
18 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.
Downtown Albany Historic District
Average Rent
$1,645/Month
Year-Over-Year Rent Change
2.2%
Units Available
49 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.
Center Square
Average Rent
$1,646/Month
Year-Over-Year Rent Change
3.2%
Units Available
13 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.
Campus Area
Average Rent
$1,710/Month
Year-Over-Year Rent Change
2.7%
Units Available
35 Rentals
If you’re looking for a great, affordable neighborhood in Albany, Campus Area might be the perfect place! It has an average rent price of $1,710, while the city’s average stands at $1,567. In the last year, prices have increased by 2.7%. Campus Area is near University Plaza, Tawasentha Park, and Excelsior College.
Westmere/N Bethlehem
Average Rent
$1,716/Month
Year-Over-Year Rent Change
5.1%
Units Available
78 Rentals
Westmere/N Bethlehem is a top choice for budget-conscious renters for a variety of reasons. The average rent in Westmere/N Bethlehem is $1,716 while the city average is $1,567. This is a 5.1% difference from last year. Residents enjoy convenient access to Westmere Shopping Center, The College of Saint Rose, and Audubon Center at Knox Farm State Park.
Downtown Albany
Average Rent
$1,723/Month
Year-Over-Year Rent Change
1.6%
Units Available
188 Rentals
When you’re looking for a great Albany neighborhood on a budget, check out Downtown Albany. The average rent is $1,723, compared to the city average of $1,567. Rent prices have increased by 1.6%. Downtown Albany is convenient to Westgate Shopping Center, Delaware Plaza, and Albany Law School.
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.