Rents are 17% below what San Luis Obispo's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,948 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
San Luis Obispo, CA is majority renter-occupied, skews toward younger working-age adults, 54.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How San Luis Obispo, CA has changed in 5 years
Rent in San Luis Obispo, CA has climbed 11.4% since 2021, going from about $2,646 per month to roughly $2,948 today. Census figures show median household income at $73,685 today, compared with $61,862 five years earlier. Income growth outran rent by about 7.7 percentage points, easing the affordability math somewhat compared with 2021. Headcount in the area went from 47,257 to 48,491 between 2021 and 2024, a 2.6% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 51.6% to 54.4%. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Can you afford rent in San Luis Obispo on your salary?
At $2,948/mo, how San Luis Obispo rent compares to typical pay (30% rule).
San Luis Obispo rent by bedroom count
Median rent for each apartment size in San Luis Obispo. Click any size for full breakdown.
Tips for renters in San Luis Obispo
Last updated: August 17, 2026
The median rent in San Luis Obispo is $2,948/mo as of August 2026. A studio apartment averages $1,820/mo while a 2-bedroom runs $2,655/mo. One-bedroom apartments average $2,025/mo and 3-bedroom units go for $3,545/mo.
At 48% of local median household income ($73,685/yr), San Luis Obispo ranks as moderate compared to the national benchmark of 30%. Rents have decreased 15.0% over the past year.
Frequently asked questions
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What percentage of San Luis Obispo residents rent vs. own?
How does San Luis Obispo rent compare to the national average?
At $2,948/mo, rent takes ~48% of San Luis Obispo's median household income ($73,685/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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