ZIP 94403
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in ZIP 94403 usually run 1.6% below trend in January and 1.8% above it in July, about $132 a month apart at today's median. Based on 8 years of data.
Rent in ZIP 94403 is at its highest level since Zillow's records here began in November 2017.
Rent in ZIP 94403 changed +9.6% over the year to September 2026. Across the 819 California ZIP codes Zillow tracks, the typical change was +3.2%.
From 2019 to 2024, rent in ZIP 94403 rose 4.5% while median household income rose 29.7% ($134,875 to $174,917). Income kept ahead of rent.
Rent in ZIP 94403 is 18.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 8 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($174,917) is $4,373 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($3,670); a 2-bedroom is $4,440.
2nd cheapest of 3 ZIP codes in San Mateo.
ZIP 94066, 9 miles away, rents for 14% less ($3,358/mo), about $6,300 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 94403. 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.
Who lives here
ZIP 94403 (San Mateo, CA) is roughly split between renters and owners, has a median income above the national average, 60.6% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 94403 in San Mateo, CA has changed in 5 years
Compared with 2021, rent in ZIP 94403 in San Mateo, CA has increased by $1,026 per month, settling near $3,886 after starting the period at $2,860. Census figures show median household income at $174,917 today, compared with $151,369 five years earlier. Rent outpaced income growth by roughly 20.3 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 44,244 to 43,276 between 2021 and 2024, a 2.2% change. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Tips for renters in ZIP 94403
Last updated: October 17, 2026
ZIP code 94403 covers San Mateo, CA. The median rent here is $3,886/mo as of October 2026. A 1-bedroom rents for a median of $3,670/mo. A 2-bedroom rents for a median of $4,440/mo.
At 27% of local median household income ($174,917/yr), ZIP 94403 ranks as affordable compared to the national benchmark of 30%. Rents have increased 9.6% over the past year.
Frequently asked questions
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How does ZIP 94403 compare to the rest of San Mateo?
At $3,886/mo, rent takes ~27% of ZIP 94403's median household income ($174,917/yr). The standard benchmark is 30%.
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