ZIP 94538
Is your rent fair?
Compare your rent to the local median.
Rent by unit size
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 94538 usually run 2% below trend in January and 1.9% above it in August, about $129 a month apart at today's median. Based on 9 years of data.
Rent in ZIP 94538 is at its highest level since Zillow's records here began in November 2016.
Rent in ZIP 94538 changed +6.4% 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 94538 rose 9.1% while median household income rose 31% ($112,473 to $147,301). Income kept ahead of rent.
Rent in ZIP 94538 is 19.2% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 7 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($147,301) is $3,683 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($3,680); a 3-bedroom is $4,710.
1st cheapest of 4 ZIP codes in Fremont.
ZIP 94587, 8 miles away, rents for 12% less ($2,913/mo), about $4,600 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 94538. 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 94538 (Fremont, CA) is majority renter-occupied, has a median income above the national average, 54.8% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 94538 in Fremont, CA has changed in 5 years
Five years ago, renters in ZIP 94538 in Fremont, CA paid around $2,625 a month. That figure now sits near $3,296, up 25.6% from the 2021 baseline. On the earnings side, the typical household in ZIP 94538 in Fremont, CA now reports about $147,301, up from $130,947 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 94538 in Fremont, CA adding about 1,307 residents over the five-year window, up 2.0% on net. The renter share has risen from 53.2% to 55.3%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 52.7% to 54.8% across the same window. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 94538 in Fremont, CA reflects that arc in its own way.
Discussions about ZIP 94538
No discussions yet. Start the conversation.
Tips for renters in ZIP 94538
Last updated: October 17, 2026
ZIP code 94538 covers Fremont, CA. The median rent here is $3,296/mo as of October 2026. A 1-bedroom rents for a median of $3,010/mo. A 2-bedroom rents for a median of $3,680/mo.
At 27% of local median household income ($147,301/yr), ZIP 94538 ranks as affordable compared to the national benchmark of 30%. Rents have increased 6.4% over the past year.
Frequently asked questions
How much income do you need to rent in ZIP 94538?
Is rent going up or down in ZIP 94538?
When is the cheapest time to rent in ZIP 94538?
Has rent outpaced income in ZIP 94538?
How does ZIP 94538 compare to other ZIPs in California?
How does ZIP 94538 compare to the rest of Fremont?
At $3,296/mo, rent takes ~27% of ZIP 94538's median household income ($147,301/yr). The standard benchmark is 30%.
How does this area stack up?
Pick another city or ZIP to compare.
Be the first to submit your rent for this ZIP.
No discussions yet.