Average Rent in Albany, OR↑ Rents rising 1.8% YoY🔺 5th priciest in OR

Albany, OR has rental prices ranging from $1,202/month to $2,672/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,413/month, near the national average. With a median household income of $73,396/year, spending $1,413/month on a 1-bedroom represents 23% of gross income — within the recommended 30% threshold.

How Albany Compares

With an average 2-bedroom rent of $1,726/month, Albany ranks #5 most expensive of the 33 cities tracked in Oregon — pricier than 94% of all US cities in our data.

The Albany Rental Market

The Albany, OR area has a population of about 129,794 and 33% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Albany, OR have risen by $31/month (1.8%) over the past year, from $1,695 to $1,726. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

Affordability

To afford a 1-bedroom apartment in Albany, OR without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $56,520. The local median household income of $73,396 exceeds that threshold by $16,876, making Albany relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Albany, OR is $433,091, giving a price-to-rent ratio of 20.9. With a break-even horizon of approximately 21 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Albany's neighborhoods. Among the highest-value areas are Jackson Hill ($329,507 median home value), Willamette ($331,274 median home value), Broadway ($362,721 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Albany, OR Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Albany?

Break-even analysis and mortgage estimates based on local market data.

Living in Albany

Cost of living, job market, crime rates, and moving cost estimates.