ZIP Code · CA

ZIP 92123

Part of San Diego, CA

Pop. 33,041·San Diego County·279th most expensive ZIP in California

Median rent (all units)

$3,197/mo

Year-over-Year

+4.2%

Month-over-Month

+1.1%

vs US Median

+$1,265

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 92123 · $3,197

More expensive than 93% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$2,900

1 BR

$3,110

2 BR

$3,800

3 BR

$5,060

4 BR+

$6,140

Research median

$3,800/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in ZIP 92123 usually run 0.9% below trend in January and 0.9% above it in September, about $58 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 92123 is at its highest level since Zillow's records here began in December 2020.

Past year vs. the rest of California

Rent in ZIP 92123 changed +4.2% over the year to September 2026. Across the 819 California ZIP codes Zillow tracks, the typical change was +3.2%.

Recent direction

Rent has risen 4 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($132,534) is $3,313 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($3,110); a 2-bedroom is $3,800.

Rank in San Diego

22nd cheapest of 33 ZIP codes in San Diego.

Cheaper nearby

ZIP 92116, 3 miles away, rents for 24% less ($2,444/mo), about $9,000 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 92123. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$38,364/yr

At $3,197/mo median

Location

CitySan Diego

StateCA

CountySan Diego County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 4.2% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+4.2% YoY, +1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 92123 (San Diego, CA) is majority renter-occupied, skews toward younger working-age adults, has a median income above the national average, 48.6% of residents hold a bachelor's degree or higher.

Population

33,041

Median income

$132,534

Median age

35.3

Renters

55.6%

Age distribution

17.9%

31.6%

26.8%

Under 1817.9%

18–3431.6%

35–5426.8%

55–6411.9%

65+11.8%

Gender

53.4%

46.6%

Male53.4%

Female46.6%

Race & ethnicity

47.6%

22.8%

20.5%

White47.6%

Black6.4%

Hispanic22.8%

Asian20.5%

Other2.7%

Education (25+)

15.5%

29.7%

48.6%

No HS diploma6.2%

HS diploma15.5%

Some college29.7%

Bachelor's+48.6%

Housing tenure

44.4%

55.6%

Owner44.4%

Renter55.6%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 92123 in San Diego, CA has changed in 5 years

Rent

$2,426 → $3,197

up 31.8%

Income

$97,691 → $132,534

up 35.7%

Population

33,035 → 33,041

up 0.0%

Renter share

54.2% → 55.6%

+1.4 pts

Bachelor's+

46.4% → 48.6%

+2.2 pts

Rent in ZIP 92123 in San Diego, CA has increased 31.8% since 2021, going from about $2,426 per month to roughly $3,197 today. Local incomes tracked alongside that move, going from a median of $97,691 in 2021 to $132,534 more recently. Income growth outran rent by about 3.9 percentage points, easing the affordability math somewhat compared with 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 46.4% to 48.6%. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 92123 in San Diego, CA market of 2021.

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About renting in ZIP 92123

Last updated: October 17, 2026

ZIP code 92123 covers San Diego, CA. The median rent here is $3,197/mo as of October 2026. A 1-bedroom rents for a median of $3,110/mo. A 2-bedroom rents for a median of $3,800/mo.

At 29% of local median household income ($132,534/yr), ZIP 92123 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 92123?

To keep rent at or below 30% of gross income, you would need to earn at least $128,000/year (about $62/hour full-time) to afford the median rent of $3,197/mo in ZIP 92123. The local median household income is $132,534/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 92123?

Rent in ZIP 92123 has risen 4.2% over the past year as of September 2026. That is the highest level since Zillow's records here began in December 2020.

When is the cheapest time to rent in ZIP 92123?

Asking rents in ZIP 92123 are usually lowest in January, about 0.9% below their yearly trend, and highest in September, about 0.9% above it. At today's median that is a gap of roughly $58 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 92123 compare to other ZIPs in California?

ZIP 92123 is one of the pricier among California ZIP codes for rent, ranking #279 of 898 at $3,197/mo. Over the year to September 2026, rent in ZIP 92123 changed +4.2%, against a typical +3.2% across the 819 California ZIP codes Zillow tracks.