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 $1,635 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: August 17, 2026
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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 $1,283 a month. That figure now sits near $1,635, up 27.4% 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.
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Can you afford rent in Albany on your salary?
At $1,635/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: August 17, 2026
The median rent in Albany is $1,635/mo as of August 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 4.0% over the past year.
Frequently asked questions
Is Albany an affordable city for renters?
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Which Albany neighborhoods have the lowest rent?
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Which nearby cities are cheaper to rent in than Albany?
What percentage of Albany residents rent vs. own?
How does Albany rent compare to the national average?
At $1,635/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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