Best Affordable Neighborhoods in Albany, NY
Some of the cheapest neighborhoods in Albany are Capitol Hill, Pine Hills, and Central Avenue. These neighborhoods offer some of the lowest rent prices in Albany, making them ideal for renters on a budget. As of November 29, 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.
Capitol Hill
Average Rent
$1,361/Month
Year-Over-Year Rent Change
2.5%
TransitScore® Rating
67/100
Units Available
18 Rentals
Capitol Hill is an affordable neighborhood in Albany with an average rent price of $1,361. Compare this to the city average of $1,531. In the past year, rent prices have decreased by 2.5%. Capitol Hill provides easy access to Hudson River Valley National Heritage Area, Albany International, and Mt Hope Commons At Albany. It’s a walkable neighborhood with a WalkScore® of 91.
Pine Hills
Average Rent
$1,383/Month
Year-Over-Year Rent Change
4.2%
TransitScore® Rating
58/100
Units Available
14 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
$1,384/Month
Year-Over-Year Rent Change
1.8%
TransitScore® Rating
68/100
Units Available
15 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
$1,415/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
69/100
Units Available
22 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
$1,521/Month
Year-Over-Year Rent Change
5.2%
TransitScore® Rating
71/100
Units Available
22 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
$1,544/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
64/100
Units Available
43 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 $1,544, while the city’s average stands at $1,531. In the last year, prices have decreased by 0.4%. Arbor Hill is near Delaware Plaza, Albany Law School, and Children's Museum of Science & Technology.
Downtown Albany Historic District
Average Rent
$1,564/Month
Year-Over-Year Rent Change
1.5%
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.
Park South
Average Rent
$1,564/Month
Year-Over-Year Rent Change
1.9%
TransitScore® Rating
63/100
Units Available
16 Rentals
Park South is a top choice for budget-conscious renters for a variety of reasons. The average rent in Park South is $1,564 while the city average is $1,531. This is a 1.9% difference from last year. Residents enjoy convenient access to The Sage Colleges, Albany, Mt Hope Commons At Albany, and Five Rivers Environmental Education Center. The neighborhood is considered walkable with a WalkScore® of 88.
Washington Park
Average Rent
$1,566/Month
Year-Over-Year Rent Change
0.9%
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.
Downtown Albany
Average Rent
$1,577/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
62/100
Units Available
177 Rentals
When you’re looking for a great Albany neighborhood on a budget, check out Downtown Albany. The average rent is $1,577, compared to the city average of $1,531. Rent prices have increased by 1.6%. Downtown Albany is convenient to City Square Plaza, The College of Saint Rose, and Albany International. The community is walkable with a WalkScore® of 84.
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.