Cheapest Neighborhoods in Albany, NY
Some of the cheapest neighborhoods in Albany are Central Avenue, Center Square, and Capitol Hill. These neighborhoods offer some of the lowest rent prices in Albany, making them ideal for renters on a budget. As of August 4, 2026, the average rent in Albany is $1,573, 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.
Central Avenue
Average Rent
$1,440/Month
Year-Over-Year Rent Change
1.1%
Units Available
14 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.
Center Square
Average Rent
$1,441/Month
Year-Over-Year Rent Change
0.7%
Units Available
11 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
$1,458/Month
Year-Over-Year Rent Change
0.5%
Units Available
13 Rentals
Capitol Hill is an affordable neighborhood in Albany with an average rent price of $1,458. Compare this to the city average of $1,573. In the past year, rent prices have decreased by 0.5%. Capitol Hill provides easy access to Children's Museum of Science & Technology, New York State Museum, and Delaware Plaza.
Pine Hills
Average Rent
$1,469/Month
Year-Over-Year Rent Change
3.4%
Units Available
22 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.
Arbor Hill
Average Rent
$1,474/Month
Year-Over-Year Rent Change
1.2%
Units Available
22 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 $1,474, while the city’s average stands at $1,573. In the last year, prices have decreased by 1.2%. Arbor Hill is near Albany Law School, Mid-City Shopping Center, and SUNY Albany, Downtown Campus.
Sheridan Hollow
Average Rent
$1,490/Month
Year-Over-Year Rent Change
1.2%
Units Available
26 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
$1,569/Month
Units Available
13 Rentals
Burt Farm is a top choice for budget-conscious renters for a variety of reasons. The average rent in Burt Farm is $1,569 while the city average is $1,573.
Downtown Albany Historic District
Average Rent
$1,622/Month
Year-Over-Year Rent Change
3.9%
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.
Downtown Albany
Average Rent
$1,626/Month
Year-Over-Year Rent Change
2.2%
Units Available
143 Rentals
When you’re looking for a great Albany neighborhood on a budget, check out Downtown Albany. The average rent is $1,626, compared to the city average of $1,573. Rent prices have increased by 2.2%. Downtown Albany is convenient to Elm Avenue Park, New York State Museum, and Delaware Plaza.
Washington Park
Average Rent
$1,662/Month
Year-Over-Year Rent Change
8.6%
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.
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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.