Albany, New York Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Albany, New York rental market.
Albany, New York
Average Apartment Rent in October 2022
Y-o-Y Change in Average
Compared to a year ago, Albany, New York apartments have recorded a 9.3% rent increase.
Albany, New York |Average apartment rent trend
Albany, New York| Average apartment rent
Albany, New York | Apartment rent ranges
At 58.6%, apartments priced $1,000 - $1,500 represent the bulk of Albany, New York rentals, while condos priced $700 - $1000 hold the lowest share of the market – 2.16%.
Albany, New York | Housing tenure**
Renters take up 63% of Albany, New York real estate, occupying a total of 26,325 units, while homeowners live in 15,289 properties.
Median number of rooms of renter-occupied housing units**
Renter median household income**
Average household size of renter-occupied housing units**
Rental vacancy rate**
Albany, New York | Renter-occupied housing units by no. of bedrooms**
There are 9,095 rentals in Albany, New York with 2 beds making up the highest share of the market, at 35%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 253 units. Overall, the median number of rooms in Albany, New York homes for rent is 4.1.
Albany, New York |Renter-occupied units by age of householder**
Most condos for rent in Albany, New York are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 15 - 24 years age group (17%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Albany, New York | Renter-occupied housing units by family type**
Albany, New York | Renter-occupied housing units by the presence of own children**
A total of 8,864 apartments for rent in Albany, New York, or 34% of all rentals are family households. Additionally, 22% of rental homes include children under the age of 18 – that’s 5,830 units. All in all, the median size of a renter-occupied household in Albany, New York is 1.95.
Albany, New York | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 38% of the rental market. In contrast, residents with less than a high school degree reside in 11% of the homes for rent in Albany, New York.
Albany, New York | Renter-occupied units by year structure built**
The highest share of Albany, New York apartment rentals, namely 43% or 11,316 units, were Built 1939 or earlier, followed by those Built 1970 - 1979 (13%, 3,333 units), and the ones Built 1950 - 1959 (11%, 2,992 units).
Albany, New York | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Albany, New York renters (51%) moved in 2015 to 2016, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Albany, New York condos for rent is 2016.
Albany, New York | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 42% of Albany, New York renters have 1 vehicle available per household, 38% of them have No vehicle available, and 15% have 2 vehicles available.
Albany, New York | Means of transportation to work of householders living in renter-occupied housing units**
Albany, New York |Geographical mobility in the past year for householders living in renter-occupied housing units**
Albany, New York | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Albany, New York apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2020 American Community Survey 5-Year Estimates