Location: San Luis Obispo-Paso Robles, CA | Metro: San Luis Obispo-Paso Robles, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,960 |
| 1 Bedroom | $2,160 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,770 |
| 4 Bedrooms | $4,360 |
| 5 Bedrooms | $5,058 |
| 6 Bedrooms | $5,665 |
| 7 Bedrooms | $6,118 |
| 8 Bedrooms | $6,424 |
U.S. Census Bureau data (2024)
The ZIP code 93409 in San Luis Obispo, CA, exhibits characteristics that place it firmly in the middle of the yield and stability spectrum. For fiscal year 2024, the Fair Market Rent (FMR) for a two-bedroom apartment in this area is $2,270. This figure is significant because it represents the baseline for rental income in a Section 8 program.
The lack of specific data on market rents and home values indicates a need for further research to fully assess the potential yield. However, the provided FMR data suggests a moderate level of rental income, which is stable due to the consistent demand for affordable housing options. The FMR for a two-bedroom unit ranges from a low of $2,043 to a high of $2,497, with the average at $2,270, indicating a relatively narrow band of rental prices.
Stability in the ZIP 93409 rental market can be inferred from the availability of Section 8 vouchers, which ensures a steady stream of tenants. Although specific figures for renter percentage, days on market (DOM), and income levels are not available, the presence of a well-established Section 8 program suggests that there is a reliable demand for rental properties.
Given the data, ZIP 93409 does not fit the profile of a high-yield/low-stability flip-style market. Instead, it appears to be a steady-cashflow zone, suitable for landlords and small-portfolio investors seeking a balance between yield and stability. The FMR data points to a predictable rental income without the volatility associated with speculative markets.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.