The going rate (according to REIV September Quarter figures) is $10,495 with a median house price of $1,650,000. The median rental price (according to REA as of 28/11/2016) is $750 per week. Real Estate & life style here are both equally as expensive, however as Adam & Loic have stated the price tag is worth the lifestyle that you gain from living there, from the minute you step onto Bridport Street you are able to feel the shift to a suburb with a community-friendly environment.
To give you a rough idea, you would have to budget $550 - $650 per week minimum in rent for a decent 2 bedroom residence (by decent I mean good natural light, renovated/refreshed - nothing too fancy). The lifestyle in Albert Park is well worth the extra $ in rent though. You will also save on fuel/transport/time/stress as the CBD is only 10 minutes away and you won't spend much time in the traffic to get to and from the office (if work is in the cbd or bay side). Hope this helps.
VERY expensive, some of the most expensive homes per square meter in Australia are in Albert Park. Pay a fortune, but only get a little. Lifestyle is amazing though being so close to the city and beach.