ZIP Code · CA

ZIP 94401

Part of San Mateo, CA

Pop. 35,295·San Mateo County·147th most expensive ZIP in California

Median rent (all units)

$3,671/mo

Year-over-Year

+9.7%

Month-over-Month

+1.9%

vs US Median

+$1,739

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 94401 · $3,671

More expensive than 96% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$2,360

1 BR

$2,830

2 BR

$3,420

3 BR

$4,370

4 BR+

$4,530

Research median

$3,420/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

March. Asking rents in ZIP 94401 usually run 1.6% below trend in March and 1.7% above it in August, about $121 a month apart at today's median. Based on 9 years of data.

Compared with the peak

Rent in ZIP 94401 is at its highest level since Zillow's records here began in July 2017.

Past year vs. the rest of California

Rent in ZIP 94401 changed +9.7% over the year to September 2026. Across the 819 California ZIP codes Zillow tracks, the typical change was +3.2%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 94401 rose 8.1% while median household income rose 30.2% ($93,850 to $122,227). Income kept ahead of rent.

Since before the pandemic

Rent in ZIP 94401 is 23.3% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 7 months in a row, and rose in 11 of the last 12 months.

What a typical income covers

30% of the median household income ($122,227) is $3,056 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($2,830); a 2-bedroom is $3,420.

Rank in San Mateo

1st cheapest of 3 ZIP codes in San Mateo.

From Zillow's monthly rent index (ZORI) for ZIP 94401. 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

$44,052/yr

At $3,671/mo median

Location

CitySan Mateo

StateCA

CountySan Mateo County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 9.7% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+9.7% YoY, +1.9% MoM), not inventory.

Demographics

Who lives here

ZIP 94401 (San Mateo, CA) is majority renter-occupied, has a median income above the national average, 46.3% of residents hold a bachelor's degree or higher.

Population

35,295

Median income

$122,227

Median age

35.9

Renters

56.6%

Age distribution

19.2%

28.5%

24.9%

16.6%

Under 1819.2%

18–3428.5%

35–5424.9%

55–6410.7%

65+16.6%

Gender

50.3%

49.7%

Male50.3%

Female49.7%

Race & ethnicity

29.6%

38%

24.2%

White29.6%

Black1.4%

Hispanic38%

Asian24.2%

Other6.7%

Education (25+)

14.8%

15.1%

23.8%

46.3%

No HS diploma14.8%

HS diploma15.1%

Some college23.8%

Bachelor's+46.3%

Housing tenure

43.4%

56.6%

Owner43.4%

Renter56.6%

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

2021 vs 2026

How ZIP 94401 in San Mateo, CA has changed in 5 years

Rent

$2,741 → $3,671

up 33.9%

Income

$104,260 → $122,227

up 17.2%

Population

35,095 → 35,295

up 0.6%

Renter share

53% → 56.6%

+3.6 pts

Bachelor's+

46.8% → 46.3%

-0.5 pts

Since 2021, the typical rent in ZIP 94401 in San Mateo, CA has increased from $2,741 to $3,671, a 33.9% change over five years. Census figures show median household income at $122,227 today, compared with $104,260 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Renters now make up 56.6% of households, compared with 53% five years ago. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

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About renting in ZIP 94401

Last updated: October 17, 2026

ZIP code 94401 covers San Mateo, CA. The median rent here is $3,671/mo as of October 2026. A 1-bedroom rents for a median of $2,830/mo. A 2-bedroom rents for a median of $3,420/mo.

At 36% of local median household income ($122,227/yr), ZIP 94401 ranks as moderate compared to the national benchmark of 30%. Rents have increased 9.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 94401?

To keep rent at or below 30% of gross income, you would need to earn at least $147,000/year (about $71/hour full-time) to afford the median rent of $3,671/mo in ZIP 94401. The local median household income is $122,227/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 94401?

Rent in ZIP 94401 has risen 9.7% over the past year as of September 2026. That is the highest level since Zillow's records here began in July 2017.

When is the cheapest time to rent in ZIP 94401?

Asking rents in ZIP 94401 are usually lowest in March, about 1.6% below their yearly trend, and highest in August, about 1.7% above it. At today's median that is a gap of roughly $121 a month. This pattern comes from 9 years of Zillow rent data.

Has rent outpaced income in ZIP 94401?

No. From 2019 to 2024, rent in ZIP 94401 rose 8.1% while median household income rose 30.2%, from $93,850 to $122,227. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 94401 compare to other ZIPs in California?

ZIP 94401 is one of the pricier among California ZIP codes for rent, ranking #147 of 898 at $3,671/mo. Over the year to September 2026, rent in ZIP 94401 changed +9.7%, against a typical +3.2% across the 819 California ZIP codes Zillow tracks.