Low Income Apartments and Affordable Housing For Rent in Albany, NY (2024)

What HUD offices serve Albany, New York?

Public Housing Agencies operate federally assisted affordable housing programs atlocal levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within theirjurisdiction.

Go to theNew YorkPublic Housing and Low-Income Apartments Waiting Lists page for openings near Albany.

How many renters live in Albany, New York?

The City of Albany has 100,832people living in 43,179 households.

There are 53,989 renters living in28,843 renter households in thisCity. Renters make up 53.54percent of the population living in Albany.

What is the rental market like in Albany, New York?

There are an estimated 50,378 housing units in theAlbany area. Of these, 29,724 units are rentalhomes, making up 59 percent of the housing market. Forevery renter household in Albany, New York, there are1 rental units.

What is the vacancy rate for rentals in Albany?

The rental vacancy rate in Albany is 6 percent.This is alower than averagevacancy rate.When rental vacancy rates are low there are fewer available units. Rents tend to be higher as morepeoplecompete for scarce housing.

How many rental units are in Albany for each bedroom size?

A large number of apartments in Albany have two or fewer bedrooms. Seniors and youngprofessionalsespecially may have more success finding an apartment that meets their needs.

How many renter households in Albany are overburdened by housing costs?

Among renter households in this market, 56percent havehousing cost burden. Further, 39percent of households are extremely rent overburdened. When renters pay too much for their housing, itleaveslittle money for other necessities like food, clothes, or medicine.

The federal government says that renters arecost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Albany

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - rangesfrom $1,011 to $1,830. FMRs areupdated annually by HUD for every city and county nationwide.

How many units are rented at Fair Market Rent (FMR) in Albany?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s FairMarket Rent. Markets with a large share of units above FMR tend to have longer search times to find aqualified unit, while those with a large share of units below FMR tend to have more choices and shortersearch times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

How many affordable rental units are in Albany?

There are a variety of federal affordable housing programs serving households inAlbany, New York including the following:

Income Based Apartments in Albany, New York

Albany features 2,980 income based apartments.Tenants of income based apartments typically pay no more than 30% of their income towards rent andutilities.

Low Rent Apartments in Albany, New York

There are 1,504 rent subsidized apartments that do notprovide direct rental assistance but remain affordable to low income households in Albany.

Housing Choice Vouchers in Albany, New York

On average, Section 8 Housing Choice vouchers pay Albany landlords$600 per month towards rent. The average voucher holdercontributes $400 towards rent inAlbany.

The maximum amount a voucher would pay on behalf of a low-income tenant in Albany, New York fora two-bedroom apartment is between $1,237 and $1,511.

Sourced from federal housing data and AffordableHousingOnline.comresearch.