Albany, NY Rental Market Trends
What is the average rent in Albany?
The average rent for an apartment in Albany is $1,302, a 1% increase compared to the previous year, when the average rent was $1,288.
Average Rent in Albany, NY
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,302 | 1% | 849 sq. ft. |
What is the average apartment size in Albany?
The average size for a Albany, NY apartment is 849 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
- $701-$1,00023%
- $1,001-$1,50057%
- $1,501-$2,00014%
- > $2,0006%
Albany, NY Occupied Housing Units
- Renter-occupied Households58%
- Owner-occupied Households41%
24,276 or 58% of the households in Albany, NY are renter-occupied while 16,979 or 41% are owner-occupied.
Albany, NY Rent Trends
| Average Rent | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Apr / 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Albany, NY | $1,211 | $1,216 | $1,251 | $1,250 | $1,266 | $1,273 | $1,288 | $1,295 | $1,299 | $1,302 |
| National | $1,317 | $1,348 | $1,357 | $1,361 | $1,393 | $1,400 | $1,401 | $1,391 | $1,393 | $1,399 |
Average Rent in Albany, NY By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| New Scotland | $1,619 |
| Normanskill | $1,619 |
| Park South | $1,619 |
| Whitehall | $1,619 |
| Downtown Albany | $1,495 |
| South End Albany | $1,380 |
| Upper Washington | $1,380 |
| Buckingham Pond - Crestwood | $1,364 |
| Helderberg | $1,364 |
| Pine Hills | $1,364 |
| Beverwyck | $1,356 |
| West Hill Spirit | $1,324 |
| Washington Square | $1,298 |
| Dunes | $1,297 |
| Arbor Hill | $1,276 |
| Sheridan Hollow | $1,276 |
| Ten Broeck Triangle | $1,276 |
| Eagle Hill | $1,254 |
| Manning Boulevard | $1,254 |
| Melrose | $1,254 |
| Washington Park | $1,244 |
| Shaker Park | $1,191 |
| Center Square | $1,188 |
| Shaker - Bishop's Gate | $1,169 |
| Hudson Park | $1,121 |
| Historic Pastures | $959 |
| Kenwood | $959 |
| Lincoln Park | $959 |
| Mansion | $959 |
| Mount Hope | $959 |
| Second Avenue | $959 |
| West End Albany | $959 |
What are the most affordable neighborhoods in Albany?
The most affordable neighborhoods in Albany are Historic Pastures, where the average rent goes for $959/month, Kenwood, where renters pay $959/mo on average, and Lincoln Park, where the average rent goes for $959/mo. If you’re looking for other great deals, check out the listings from Mansion ($959), Mount Hope ($959), and Second Avenue ($959), where the asking prices are below the average Albany rent of $1,302/mo.
What are the most expensive neighborhoods in Albany?
The most expensive neighborhoods in Albany are Normanskill ($1,619), Park South ($1,619) and Whitehall ($1,619).
What are the most popular neighborhoods in Albany?
The most popular neighborhood in Albany is Sheridan Hollow, where there are 6 verified RENTCafé listings with an average rent of $1,276. Next up is Center Square, where apartments go for $1,188/month, followed by Eagle Hill with $1,254 If you’re looking to rent in Albany’s most popular neighborhoods, make sure to also check out Buckingham Pond - Crestwood, where renters pay $1,364 on average, and Downtown Albany, where the average monthly rent is $1,495.
Albany | Rent Comparison by Neighborhood
Rent in Arbor Hill is 6% lower than in Beverwyck
Arbor Hill rent is 2% lower than Albany average
| Average Rent | $1,276 |
|---|
Beverwyck rent is 4% higher than Albany average
| Average Rent | $1,356 |
|---|
How Albany Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Manhattan | $3,615 | -14% |
| Hudson Valley | $1,992 | 4% |
| Brooklyn | $2,614 | -12% |
| Bronx | $1,620 | n/a |
| Rochester | $1,093 | 3% |
| Albany | $1,302 | 1% |
| Troy | $1,244 | 4% |
| Schenectady | $1,139 | 3% |
| Springfield | $1,098 | 6% |
| Cohoes | $1,586 | 4% |
| Kingston | $1,301 | 7% |