Rents are right about where Albany's 10-year trend predicts.
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 $1,664 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
November. Asking rents in Albany usually run 0.9% below trend in November and 0.7% above it in April, about $27 a month apart at today's median. Based on 11 years of data.
Rent in Albany is at its highest level since Zillow's records here began in January 2015.
Rent in Albany changed +5.5% over the year to September 2026. Across the 82 New York cities Zillow tracks, the typical change was +5.3%.
From 2019 to 2024, rent in Albany rose 28.9% while median household income rose 35.3% ($45,825 to $61,986). Income kept ahead of rent.
Rent in Albany is 37.6% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 10 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($61,986) is $1,550 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,491); a 3-bedroom is $1,795.
The priciest of 8 ZIP codes in Albany, 12205 ($1,800/mo), costs 23% more than the cheapest, 12202 ($1,465/mo).
Troy, 12 miles away, rents for 11% less ($1,473/mo), about $2,300 a year in savings.
From Zillow's monthly rent index (ZORI) for Albany. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. 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
Albany, NY is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 45.3% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Albany, NY has changed in 5 years
Five years ago, renters in Albany, NY paid around $1,256 a month. That figure now sits near $1,664, up 32.5% from the 2021 baseline. Census figures show median household income at $61,986 today, compared with $52,583 five years earlier. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Albany, NY adding about 1,090 residents over the five-year window, up 1.1% on net. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
Discussions about Albany
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Can you afford rent in Albany on your salary?
At $1,664/mo, how Albany rent compares to typical pay (30% rule).
Albany rent by bedroom count
Median rent for each apartment size in Albany. Click any size for full breakdown.
Tips for renters in Albany
Last updated: October 17, 2026
The median rent in Albany is $1,664/mo as of October 2026. A studio apartment averages $1,076/mo while a 2-bedroom runs $1,491/mo. One-bedroom apartments average $1,234/mo and 3-bedroom units go for $1,795/mo.
At 32% of local median household income ($61,986/yr), Albany ranks as moderate compared to the national benchmark of 30%. Rents have increased 5.5% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Albany?
At $1,664/mo, rent takes ~32% of Albany's median household income ($61,986/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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