Low Income Apartments and Affordable Housing For Rent in Albany, OH

Discover affordable housing in Albany where there are 2+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Albany Arms Apartments

5824 Meadowbrook Rd, Albany, Ohio 45710

Evergreen Terrace

Clinton St, Albany, Ohio 45710

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Albany, Ohio
$18.62/hour
$11.62 (+166%) more than Ohio minimum wage and $11.37 (+157%) more than the Federal minimum wage.
Learn More About Albany, Ohio Affordable Housing ↓

How many renters live in Albany, Ohio?

The City of Albany has 844 people living in 333 households.

There are 216 renters living in 82 renter households in this City. Renters make up 25.59 percent of the population living in Albany.

What is the rental market like in Albany, Ohio?

There are an estimated 380 housing units in the Albany area. Of these, 82 units are rental homes, making up 22 percent of the housing market. For every renter household in Albany, Ohio, there are 1 rental units.

What is the vacancy rate for rentals in Albany?

The rental vacancy rate in Albany is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

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

Occupied Rental Units by Size in Albany
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 9 32 38 3
Occupied Rental Units by Size in Albany

A large number of apartments in Albany have two or fewer bedrooms. Seniors and young professionals especially 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, 32 percent have housing cost burden. Further, 17 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-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 - ranges from $804 to $1,491. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $804
One BR $809
Two BR $983
Three BR $1,189
Four BR $1,491
2024 Fair Market Rents in Albany, Ohio

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 Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search 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:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
One BR 7 78 percent
Two BR 22 69 percent
Rental Units Below FMR in Albany, Ohio

How many affordable rental units are in Albany?

There are a variety of federal affordable housing programs serving households in Albany, Ohio including the following:

Federal Program Unit Count
Section 202 Supportive Housing for the Elderly 12
USDA Section 515 Rural Rental Housing 46
Tracked Units by Federal Program in Albany, Ohio

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Albany, Ohio

Albany features 58 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Albany, Ohio

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albany.

Housing Choice Vouchers in Albany, Ohio

On average, Section 8 Housing Choice vouchers pay Albany landlords $400 per month towards rent. The average voucher holder contributes $200 towards rent in Albany.

The maximum amount a voucher would pay on behalf of a low-income tenant in Albany, Ohio for a two-bedroom apartment is between $885 and $1,081.

Sourced from federal housing data and AffordableHousingOnline.com research.