Rents are 4% below what New Albany's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,194 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
Rent in New Albany is at its highest level since Zillow's records here began in August 2022.
Rent in New Albany changed +3.2% over the year to September 2026. Across the 49 Indiana cities Zillow tracks, the typical change was +4.5%.
Rent has risen 3 months in a row, and rose in 7 of the last 12 months.
30% of the median household income ($54,710) is $1,368 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,270); a 3-bedroom is $1,640.
From Zillow's monthly rent index (ZORI) for New Albany. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
New Albany, IN is majority owner-occupied, has a median income below the national average, 23.7% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How New Albany, IN has changed in 5 years
Five years ago, renters in New Albany, IN paid around $1,021 a month. That figure now sits near $1,194, up 16.9% from the 2023 baseline. Median household income climbed from $49,429 to $54,710 between 2021 and 2024, a 10.7% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. The renter share has risen from 42.6% to 44.6%, with owner-occupied housing accounting for the remainder. Taken together, the five-year picture in New Albany, IN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Can you afford rent in New Albany on your salary?
At $1,194/mo, how New Albany rent compares to typical pay (30% rule).
New Albany rent by bedroom count
Median rent for each apartment size in New Albany. Click any size for full breakdown.
Tips for renters in New Albany
Last updated: October 17, 2026
The median rent in New Albany is $1,194/mo as of October 2026. A studio apartment averages $960/mo while a 2-bedroom runs $1,270/mo. One-bedroom apartments average $1,040/mo and 3-bedroom units go for $1,640/mo.
At 26% of local median household income ($54,710/yr), New Albany ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.2% over the past year.
Frequently asked questions
How much income do you need to rent in New Albany?
Is rent going up or down in New Albany?
How does New Albany rent compare to other cities in Indiana?
Which nearby cities are cheaper to rent in than New Albany?
At $1,194/mo, rent takes ~26% of New Albany's median household income ($54,710/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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