12 Rentals in San Luis Obispo, CA Under $1,500/mo

Downtown SLO

With mostly apartments, condos, and renovated lofts, Downtown San Luis Obispo has studios, 1-bedrooms, and 2-bedrooms for rent. As the city’s main urban hub, rents in Downtown SLO are usually above the city’s average price of $3,484/mo. The area has restaurants, small businesses, and great public transit. SLO Transit routes connect at the Downtown Transit Center, providing service across the city and to Cal Poly. With walkable streets and pet-friendly options, Downtown SLO is a strong fit for professionals and couples who want convenient transit and city amenities.

Railroad District

As one of San Luis Obispo’s luxury markets, rentals in the Railroad District include new apartments, lofts, and mixed-use developments. The area’s studios, 1-bedrooms, and 2-bedrooms typically have rents higher than the city’s average of $3,484/mo. New builds and renovated units are usually the most high-end. The neighborhood is pet-friendly, walkable, and connected to downtown by the Railroad Bike Path. Amtrak also serves the area, providing convenient rail access. Overall, the Railroad District is ideal for couples and local professionals looking for upscale rentals.

Broad Street/Downtown East Side

Older apartments, duplexes, and smaller homes on Broad Street and the east side of Downtown include 1-bedrooms, 2-bedrooms, and a few 3-bedroom options. In terms of pricing, rents usually range from San Luis Obispo’s average of $3,484/mo to luxury levels. Renovated properties typically have the highest rents in the area. Broad Street serves as the main north-south commuter route, leading to SR-227. Broad Street and Downtown’s east side are best for small families seeking pet-friendly rentals outside of the main urban core.

Laguna Lake/Los Osos Valley Road Corridor

Laguna Lake and the Los Osos Valley Road corridor offer 2-bedroom and 3-bedroom houses, townhomes, and apartments. Mid-era and new builds make up most of the inventory, and rents run above San Luis Obispo’s average price point of $3,484/mo. The neighborhood is pet-friendly, with trails, open spaces, and premium rentals in new development communities. SLO Transit Route 3A runs along Los Osos Valley Road, providing easy access to public transit. All in all, families and professionals who want more space and outdoor access in a suburban neighborhood are the strongest fits.

Foothill/Cal Poly-Adjacent

Rentals in the Foothill area near Cal Poly are primarily student apartments, condos, and houses with studio, 1-bedroom, and 2-bedroom layouts. Most of the inventory consists of older and mid-era properties, but new-construction student housing adds moderate luxury to the market. While these high-end options are more expensive, rents generally hover around San Luis Obispo’s average price ($3,484/mo). Pet-friendly rentals are available, but pet policies vary by property. Foothill Boulevard connects directly to Cal Poly, and SLO Transit Route 3A stops at Kennedy Library on campus. The area is best for Cal Poly students, faculty, and younger renters who want to live close to campus.

[a]I know this is also a neighborhood in the Los Angeles city section, but we can just internally link between the two. Rentler identifies over 375 listings in this 'city' so we should keep it as a standalone city page.