Albany, NY Rental Market Trends
Highlights
The average rent for an apartment in Albany is $1,288, a 3% increase compared to the previous year, when the average rent was $1,250.
Average Rent in Albany, NY
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,288 | 3% | 848 sq. ft. |
The average size for a Albany, NY apartment is 848 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Albany, NY Apartment Rent Ranges
- $501-$7001%
- $701-$1,00026%
- $1,001-$1,50052%
- $1,501-$2,00014%
- > $2,0007%
Albany, NY Occupied Housing Units
- Renter-occupied Households58%
- Owner-occupied Households41%
24,225 or 58% of the households in Albany, NY are renter-occupied while 16,982 or 41% are owner-occupied.
Albany, NY Rent Trends
| Average Rent | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Feb / 2020 |
|---|---|---|---|---|---|---|---|
| Albany, NY | $1,211 | $1,216 | $1,251 | $1,250 | $1,266 | $1,273 | $1,288 |
| National | $1,374 | $1,408 | $1,417 | $1,422 | $1,458 | $1,466 | $1,468 |
Average Rent in Albany, NY By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| West End Albany | $884 |
| Second Avenue | $884 |
| Mount Hope | $884 |
| Mansion | $884 |
| Lincoln Park | $884 |
| Kenwood | $884 |
| Historic Pastures | $884 |
| Hudson Park | $1,065 |
| Shaker - Bishop's Gate | $1,149 |
| Shaker Park | $1,170 |
| Center Square | $1,189 |
| Washington Park | $1,217 |
| Melrose | $1,220 |
| Manning Boulevard | $1,220 |
| Eagle Hill | $1,220 |
| Dunes | $1,268 |
| Washington Square | $1,281 |
| Ten Broeck Triangle | $1,299 |
| Sheridan Hollow | $1,299 |
| Arbor Hill | $1,299 |
| West Hill Spirit | $1,339 |
| Pine Hills | $1,342 |
| Helderberg | $1,342 |
| Buckingham Pond - Crestwood | $1,342 |
| Beverwyck | $1,361 |
| Upper Washington | $1,380 |
| South End Albany | $1,380 |
| Downtown Albany | $1,465 |
| Whitehall | $1,674 |
| Park South | $1,674 |
| Normanskill | $1,674 |
| New Scotland | $1,674 |
The most affordable neighborhoods in Albany are Historic Pastures, where the average rent goes for $884/month, Kenwood, where renters pay $884/mo on average, and Lincoln Park, where the average rent goes for $884/mo. If you’re looking for other great deals, check out the listings from Mansion ($884), Mount Hope ($884), and Second Avenue ($884), where the asking prices are below the average Albany rent of $1,288/mo.
The most expensive neighborhoods in Albany are Normanskill ($1,674), Park South ($1,674) and Whitehall ($1,674).
The most popular neighborhood in Albany is Sheridan Hollow, where there are 3 verified RENTCafé listings with an average rent of $1,299. Next up is Buckingham Pond - Crestwood, where apartments go for $1,342/month, followed by Downtown Albany with $1,465 If you’re looking to rent in Albany’s most popular neighborhoods, make sure to also check out Eagle Hill, where renters pay $1,220 on average, and Hudson Park, where the average monthly rent is $1,065.
Albany | Rent Comparison by Neighborhood
Rent in Arbor Hill is 5% lower than in Beverwyck
Arbor Hill rent is 1% higher than Albany average
| Average Rent | $1,299 |
|---|
Beverwyck rent is 6% higher than Albany average
| Average Rent | $1,361 |
|---|
How Albany Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Manhattan | $4,208 | 2% |
| Hudson Valley | $1,924 | 3% |
| Brooklyn | $2,951 | 5% |
| Rochester | $1,059 | 3% |
| Queens | $2,568 | 6% |
| Troy | $1,200 | 4% |
| Albany | $1,288 | 3% |
| Schenectady | $1,109 | 1% |
| Colonie Town | $1,217 | 4% |
| Cohoes | $1,531 | 2% |
| Bethlehem | $1,435 | 1% |
For more information about the Albany rental trends, check out our monthly rent report
Check out New York Cities, New York Neighborhoods and New York Zip Codes for more details on verified listings, including the New York Average Rent.
Curious about listings in your area? Check out our apartments near you for more details!