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 September 18, 2026, the average rent in Albany is $1,577, 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.
Central Avenue
Average Rent
$1,484/Month
Year-Over-Year Rent Change
1.2%
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
$1,497/Month
Year-Over-Year Rent Change
3.4%
Units Available
15 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
$1,498/Month
Year-Over-Year Rent Change
2.2%
Units Available
16 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 $1,498, while the city’s average stands at $1,577. In the last year, prices have increased by 2.2%. Capitol Hill is near Albany Law School, Albany International, and Children's Museum of Science & Technology.
Sheridan Hollow
Average Rent
$1,507/Month
Year-Over-Year Rent Change
0.8%
Units Available
28 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
$1,513/Month
Year-Over-Year Rent Change
2%
Units Available
39 Rentals
Arbor Hill is a top choice for budget-conscious renters for a variety of reasons. The average rent in Arbor Hill is $1,513 while the city average is $1,577. This is a -2% difference from last year. Residents enjoy convenient access to New York State Museum, Albany International, and Delaware Plaza.
Pine Hills
Average Rent
$1,541/Month
Year-Over-Year Rent Change
4.2%
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.
Downtown Albany Historic District
Average Rent
$1,594/Month
Year-Over-Year Rent Change
2.9%
Units Available
53 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.
Washington Park
Average Rent
$1,601/Month
Year-Over-Year Rent Change
8.6%
Units Available
26 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.
Downtown Albany
Average Rent
$1,712/Month
Year-Over-Year Rent Change
2%
Units Available
197 Rentals
When you’re looking for a great Albany neighborhood on a budget, check out Downtown Albany. The average rent is $1,712, compared to the city average of $1,577. Rent prices have increased by 2%. Downtown Albany is convenient to Delaware Plaza, Hudson River Valley National Heritage Area, and City Square Plaza.
Park South
Average Rent
$1,768/Month
Year-Over-Year Rent Change
2.5%
Units Available
14 Rentals
Park South is an affordable neighborhood in Albany with an average rent price of $1,768. Compare this to the city average of $1,577. In the past year, rent prices have increased by 2.5%. Park South provides easy access to The Sage Colleges, Albany, SUNY Albany, Downtown Campus, and Audubon Center at Knox Farm State 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.