Cheap Apartments for Rent in San Luis Obispo, CA from $900 (52 Rentals)

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Search the lowest-cost Apartments available for rent right now in San Luis Obispo.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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property at 1314 Galleon Way

$2,700

Total Monthly Price

Total Monthly Price

Base Rent
$2,700
Total Monthly Price
$2,700

2 Bedroom, 1.5 Bath Townhome for Rent

Available Aug 1

1314 Galleon Way

San Luis ObispoCA93405
property at 1326 Galleon Way

$2,700

Total Monthly Price

Total Monthly Price

Base Rent
$2,700
Total Monthly Price
$2,700

2 Bedroom, 1.5 Bath Townhome for Rent

Available Aug 1

1326 Galleon Way

San Luis ObispoCA93405

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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Sheri Apartments
1 Bedroom Apartments

Sheri Apartments

721 Johnson AveSan Luis Obispo, CA 93401
  • Utilities Included
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Fairview Apartments
1 to 2 Bedroom Apartments

Fairview Apartments

1630 Fairview StSan Luis Obispo, CA 93401
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College Gardens
1 to 2 Bedroom Apartments

College Gardens

284 N Chorro StSan Luis Obispo, CA 93405
Student Housing
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El Dorado Apartments
1 to 3 Bedroom Apartments

El Dorado Apartments

555 Westmont AveSan Luis Obispo, CA 93405
Student Housing
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University Chorro Commons
1 to 2 Bedroom Apartments

University Chorro Commons

263 N ChorroSan Luis Obispo, CA 93405
Student Housing
  • Utilities Included

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Roundhouse Place
Studio to 3 Bedroom Apartments

Roundhouse Place

2220-2224 Emily StSan Luis Obispo, CA 93401
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Harvest Lofts
Studio to 1 Bedroom Apartments

Harvest Lofts

845 Madonna RdSan Luis Obispo, CA 93405
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1249 Palm St
Studio to 1 Bedroom Apartments

1249 Palm St

1249 Palm StSan Luis Obispo, CA 93401
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421 Dana St
1 to 2 Bedroom Apartments

421 Dana St

421 Dana StSan Luis Obispo, CA 93401

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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San Luis Obispo, CA Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in San Luis Obispo, CA

Pricing Updated: 04/24/2026

Current apartment rentals in the San Luis Obispo, CA area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for San Luis Obispo Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
3592 Broad$4,200$2,1958
Valle Vista$4,950$98928
Laguna Lake$16,500$98917

Cheapest Available San Luis Obispo Apartments for Rent

 

The cheapest available apartment rental in San Luis Obispo, CA is a Studio unit found at Wineman in the Valle Vista neighborhood priced from $1,250. Mustang I Townhome in the Valle Vista neighborhood has the second lowest priced unit, which is a 4 Beds apartment currently listed from $1,380. Here is today’s list of the most affordable San Luis Obispo apartments for rent:

Apartment ListingModel NameBed/BathPriced From
WinemanThird FloorStudio,1BA$1,250
Mustang I Townhome4x1 Flat4BR,1BA$1,380
Avila Apartments in Downtown SLOAvila StudioStudio,1BA$1,975
Irish Hills Hamlet Apartments1BR/1.0BA1BR,1BA$2,200
Vintage at SLOThe NapaStudio,1BA$2,395
Twin Creeks1BR/1.0BA1BR,1BA$2,775

Best Value Apartments for Rent in San Luis Obispo, CA

As of April 25, 2026 the best value apartment in the San Luis Obispo area is the $2.92 price per square foot 680 Morro St Model at 680 Morro St, Unit A in the in the Valle Vista neighborhood starting from $3,500. The second greatest value San Luis Obispo apartment is the 1BR/1.0BA Model at Irish Hills Hamlet Apartments starting at $2,200 with a $2.93 price per square foot in the Laguna Lake neighborhood. Here is today’s list of the best values for San Luis Obispo apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
680 Morro St, Unit A680 Morro St2BR,1.5BA$2.92
Irish Hills Hamlet Apartments1BR/1.0BA1BR,1BA$2.93
Twin Creeks1BR/1.0BA1BR,1BA$3.96
Vintage at SLOThe NapaStudio ,1BA$4.79
404 Patricia Dr, Unit Studio404 Patricia DrStudio ,1BA$4.95
Mustang I TownhomeStudio West Village Balcony RenovatedStudio ,1BA$5.86
WinemanSecond FloorStudio ,1BA$6.16
The SLO Student Living ApartmentsPrivate Single Room in a 6 Bed, 2 Bath Suite - ...1BR,1BA$6.55

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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San Luis Obispo Overview

A college town that lies midway between San Francisco and Los Angeles, San Luis Obispo is the perfect place to settle down. With its temperate climate, natural spaces and wine-country charm, the city pairs cultural enrichment with all-out fun. Plenty of options in great San Luis Obispo apartments make settling here easy.

Why live in San Luis Obispo, CA?

" San Luis Obispo is a special place to live, and the recognition the town receives confirms it. It is regularly listed among the most romantic towns in the United States. In addition, it is considered one of the best college cities and one of the best places to visit. It is also named as one of the healthiest and friendliest towns. San Luis Obispo residents always have something to do and a beautiful, organic environment in which to do it. They can visit nearby wineries, hike or bike through beautiful, unspoiled spaces, relax on an uncrowded beach or visit a local art center or museum. "

Best Local Schools in
San Luis Obispo, CA

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Explore San Luis Obispo, CA Rentals by Map

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See the most popular apartments and homes in San Luis Obispo, CA

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Frequently Asked Questions about Cheap San Luis Obispo Apartments

What is a cheap apartment in San Luis Obispo?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in San Luis Obispo is under $2,775.

What is the price of a cheap apartment in San Luis Obispo?

The cheapest apartment in San Luis Obispo is Irish Hills Hamlet Apartments which is listed at $2,200, while the average apartment in San Luis Obispo costs $8,550.

What types of apartments are the cheapest in San Luis Obispo?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 21 regular apartments in San Luis Obispo that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

Expert Rental Resources

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

Articles, How-To's, and Tips

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.