San Luis Obispo, California Rental Market Trends

Disclaimer:

Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the San Luis Obispo, California rental market.

San Luis Obispo, California

Average Apartment Rent

$2,949

Y-o-Y Change in Average
Apartment Rent

5.4%

As of November 2024

Compared to a year ago, San Luis Obispo, California apartments have recorded a 5.4% rent increase.

San Luis Obispo, California Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
San Luis Obispo $2,222 $2,347 $2,466 $2,586 $2,679 $2,801 $2,793 $2,931 $2,953 $2,949
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
San Luis Obispo
National
Nov 2021
$2,222
$1,596
Mar 2022
$2,347
$1,635
Jul 2022
$2,466
$1,708
Nov 2022
$2,586
$1,726
Mar 2023
$2,679
$1,714
Jul 2023
$2,801
$1,739
Nov 2023
$2,793
$1,733
Mar 2024
$2,931
$1,727
Jul 2024
$2,953
$1,752
Nov 2024
$2,949
$1,748

San Luis Obispo, California Average Apartment Rent

San Luis Obispo, California Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,001 - $1,500
$1,501 - $2,000
Over $2,000

At 70.2%, apartments priced Over $2,000 represent the bulk of San Luis Obispo, California rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 1.39%.

San Luis Obispo, California Housing tenure**

Renter occupied housing units 11,934
Owner occupied housing units 7,320

Renters take up 62% of San Luis Obispo, California real estate, occupying a total of 11,934 units, while homeowners live in 7,320 properties.

Median number of rooms of renter-occupied housing units**

4

Renter median household income**

$43,781

Average household size of renter-occupied housing units**

2.42

Rental vacancy rate**

2.7%

San Luis Obispo, California Renter-occupied housing units by no. of bedrooms**

No bedrooms 1,406
1 bed 2,406
2 beds 4,400
3 beds 2,076
4 beds 1,225
5 or more beds 421

There are 4,400 rentals in San Luis Obispo, California with 2 beds making up the highest share of the market, at 37%. Units with 5 or more beds, on the other hand, hold the lowest percentage (4%), amounting to 421 units. Overall, the median number of rooms in San Luis Obispo, California homes for rent is 4.

San Luis Obispo, California Renter-occupied units by age of householder**

15 - 24 years 5,346
25 - 34 years 2,555
35 - 44 years 1,069
45 - 54 years 797
55 - 59 years 268
60 - 64 years 433
65 - 74 years 842
75 - 84 years 346
85 years and over 278

Most condos for rent in San Luis Obispo, California are occupied by residents in the 15 - 24 years age group (45%), followed by those in the 25 - 34 years age group (21%). At the same time, people in the 55 - 59 years age group make up the lowest share of the local rental market – 2%.

San Luis Obispo, California Renter-occupied housing units by family type**

Family households 2,817
Non-Family Households 9,117

San Luis Obispo, California Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 1,029
No related children of the householder under 18 10,905

A total of 2,817 apartments for rent in San Luis Obispo, California, or 24% of all rentals are family households. Additionally, 9% of rental homes include children under the age of 18 – that’s 1,029 units. All in all, the median size of a renter-occupied household in San Luis Obispo, California is 2.42.

San Luis Obispo, California Renter-occupied housing units by educational attainment**

Less than high school graduate 384
High school graduate (including equivalency) 1,628
Some college or associate's degree 5,845
Bachelor's degree or higher 4,077

In terms of education, renters holding bachelor degrees or higher make up 34% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in San Luis Obispo, California.

San Luis Obispo, California Renter-occupied units by year structure built**

Built 2010 - 2019 386
Built 2000 - 2009 882
Built 1990 - 1999 1,370
Built 1980 - 1989 1,727
Built 1970 - 1979 3,211
Built 1960 - 1969 1,367
Built 1950 - 1959 1,099
Built 1940 - 1949 620
Built 1939 or earlier 1,219

The highest share of San Luis Obispo, California apartment rentals, namely 27% or 3,211 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (14%, 1,727 units), and the ones Built 1990 - 1999 (11%, 1,370 units).

San Luis Obispo, California Renter-occupied units by year householder moved in**

Moved in 2021 or later 1,936
Moved in 2018 to 2020 5,043
Moved in 2010 to 2017 3,811
Moved in 2000 to 2009 820
Moved in 1990 to 1999 241
Moved in 1989 or earlier 83

Median year renter moved into unit 2019

Most San Luis Obispo, California renters (42%) moved in 2018 to 2020, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their San Luis Obispo, California condos for rent is 2019.

San Luis Obispo, California Renter-occupied housing units by vehicles available**

No vehicle available 1,211
1 vehicle available 4,286
2 vehicles available 3,209
3 vehicles available 1,883
4 vehicles available 838
5 or more vehicles available 507

When it comes to transportation options, 36% of San Luis Obispo, California renters have 1 vehicle available per household, 27% of them have 2 vehicles available, and 16% have 3 vehicles available.

San Luis Obispo, California Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 10,278
Car, truck, or van - carpooled 1,192
Public transportation (excluding taxicab) 256
Walked 1,431
Taxicab, motorcycle, bicycle, or other means 1,150
Worked at home 1,917

San Luis Obispo, California Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 14,462
Moved within same county 8,552
Moved from different county within same state 4,595
Moved from different state 903
Moved from abroad 194

San Luis Obispo, California Average apartment rent by zip codes


The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all San Luis Obispo, California apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

*Average single-family rent calculated from point2homes.com data.

**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates

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