Zumper
modified
15 Minutes Ago

Highlights

  • Pet Friendly
  • Central location
  • In-unit laundry
  • Gated community
  • Refrigerator
  • Vinyl floors
  • Open street parking

Location

550 Higuera St, San Luis Obispo, CA 93401, USA
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Tour The Downtown Terrace (550 Higuera Street)

Contact

Management

Era Management Co., Inc

Leasing office

(805) 439-9650

Property Overview

The Downtown Terrace at 550 Higuera Street is a highly rated option, combining strong value, excellent amenities, and a central location with convenient features like in-unit laundry, gated access, and open street parking. It may also appeal to renters looking for pet-friendly surroundings and work-from-home support, with nearby pet services, utilities included, and high-speed internet available.

This summary uses Zumper’s proprietary data. “Zumper Expert Ratings,” “Things you’ll love,” and “Great for” are based on our internal analyses of market trends and renter insights.

Zumper Expert Rating

8.6
Very Good
With a solid 8.6 out of 10 overall, The Downtown Terrace (550 Higuera Street) is a great option for renters. While some aspects, like Quality, might not be as distinguished as other properties nearby, The Downtown Terrace (550 Higuera Street) has a number of attractive features—namely its Price— so you can be assured your rent will come with a high standard of living.

Things you’ll love

  • More space
  • Middle school nearby
  • Less expensive

Great for

  • Pet owners
  • Work-from-home

Floor plans

DTT 1BD1 bed1 bath500 sqft$2,000 /mo3 units availableEnjoy the downtown lifestyle at the Downtown Terrace community, just a few blocks from shopping, restaurants, and the farmer’s market. This unit is a must see. This light-filled 1 bedroom unit in a gated community includes a refrigerator, air fryer oven, hot plate, microwave, AC, in-unit laundry, and a large closet. Virtual Tour Walk Through Link: https youriguide com w3rem_550_higuera_st_san_luis_obispo_ca NO PARKING ON-SITE Please be advised there is NO PARKING available at this property. There is open street parking on Pacific St and Beach St, a 3 minute walk. There are also 3 city parking garages available at $45/mo through SLO city, a 10+ minute walk depending on which garage you prefer. PET POLICY The Downtown Terrace is a pet friendly community limited to one pet per unit. Dogs must be under 25lbs and all residents are required to complete a pet screening with their application. Pet Fee: $75/mo UTILITIES Residents are responsible for ALL utilities. Water: $65/mo Trash: $15/mo LAUNDRY In-unit laundry $50/mo *Renderings, photos, and square footage are for marketing purposes only. Full details of the arrangement set forth in the final written agreement between the parties.
DTT 2BD - Upstairs2 bed1 bath745 sqft$2,500 /mo1 unit availableERA Management is pleased to offer The Downtown Terrace a 60 unit community in downtown San Luis Obispo Enjoy the downtown lifestyle at the Downtown Terrace community, just a few blocks from shopping, restaurants, and the farmer’s market. This unit is a must see. This light-filled two bedroom unit in a gated community includes a beautifully updated kitchen with refrigerator, stove/range. Unit also includes vinyl floors and in-unit laundry. This is a downstairs apartment. Take a virtual tour here: https unbranded youriguide com 6a_550_higuera_st_san_luis_obispo_ca PARKING Please be advised there is NO PARKING available at this property. There is open street parking on Pacific St and Beach St, 3 minutes away. There are also 3 city parking garages available at $45/mo through SLO city, 10+ minute away depending on which garage you prefer. PET POLICY The Downtown Terrace is a pet friendly community limited to one pet per unit. Dogs must be under 25lbs and all residents are required to complete a pet screening with their application. Pet Fee: $75/mo UTILITIES Residents are responsible for electric, gas, & internet Water Fee: $65/mo Trash Fee: $15/mo LAUNDRY In-unit laundry $50/mo *Renderings, photos, and square footage are for marketing purposes only. Full details of the arrangement set forth in the final written agreement between the parties.

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Amenities for The Downtown Terrace (550 Higuera Street)

Apartment Amenities

Downstair Unit

Appliances

In-Unit LaundryRefrigerator
Washer and Dryer

Building

Cats OKControlled Access
Dogs OK

Grounds

Gated Community

Other

Resident Responsible for All Utilities
Units, floor plans, amenities, dimensions, details, availability, and prices may be approximate and subject to change. Please contact a community representative for more information.

Policies and fees

Applicants

Applicants

One-time.

Contact Property

REQUIRED FEES

Security Deposit

One-time. Refundable.

Contact Property

Dog Policy

Allowed
Limit1

Cat Policy

Allowed
Limit1

Questions about this property’s policies and fees?

Building details

Property details

Units60
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About The Downtown Terrace (550 Higuera Street)

HomeApartments in San Luis Obispo The Downtown Terrace (550 Higuera Street)

Discover this attractive apartment community in downtown San Luis Obispo, conveniently located close to downtown SLO and within easy reach of Cal Poly San Luis Obispo. The gated community in a central location offers quick access to local shops, dining, and campus life. Ideally positioned for those seeking a well-situated residence in the heart of SLO. The community offers a blend of studios, one bedroom, and two bedroom apartments.


Zumper Expert Rating

Our expert rating is based on a weighted average score of property attributes that renters care about most: price, amenities, location, quality, and trust.
8.6
/10
Very Good
With a solid 8.6 out of 10 overall, The Downtown Terrace (550 Higuera Street) is a great option for renters. While some aspects, like Quality, might not be as distinguished as other properties nearby, The Downtown Terrace (550 Higuera Street) has a number of attractive features—namely its Price— so you can be assured your rent will come with a high standard of living.
How we rated The Downtown Terrace (550 Higuera Street)
Price·10A score that weighs the cost and location of the property, which we calculate by comparing rent prices of recent units to the median price of nearby rentals, adjusting for overall quality and features.
The Downtown Terrace (550 Higuera Street) offers an excellent balance between price and value. It's priced competitively for its amenities, location, and other key features. Compared to the median price per bedroom in the area, this property is less than, or about the same as, nearby rentals, so residents can expect great value without too many compromises on their desired standard of living.
Amenities·9A score based on the amenities offered at this property compared to other rentals in the area. We consider the quantity, quality, and popularity of features both on site and within the units.
The Downtown Terrace (550 Higuera Street) goes above and beyond to provide sought-after conveniences and desirable perks, including pets allowed. Renters looking for popular or luxurious features will find them here—and for that reason, The Downtown Terrace (550 Higuera Street) receives one of the highest amenities scores.
Location·9A score based on proximity and ease of access to shops, restaurants, schools, and public transportation while considering the desirability of the area.
The Downtown Terrace (550 Higuera Street) is exceptional when it comes to location and conveniences. Communication with management or leasing staff is usually quick and easy and they often use advanced scheduling and communication tools to streamline the process. The location of this property offers easy access to popular points of interest in the area and options for getting around.
Quality·6A score based on what makes the property stand out, such as luxury features, unique offerings, age of the building, and our ability to verify the accuracy of these details.
While The Downtown Terrace (550 Higuera Street) does not have many hallmark characteristics to highlight, it has some qualities and features that will resonate with a broad range of renters.
Trustworthiness·8A score based on the accuracy, completeness, recency, and usefulness of the information provided by this property, so you can trust that what you see is what you get.
The level of transparency this property provides distinguishes it as a great rental. With a high attention to detail and desirable features, renters can be sure they will get an accurate picture of their potential new home.

The Downtown Terrace (550 Higuera Street) is great for:

Pet owners

  • Pet deposit required
  • 3 pet hospitals in the area
  • 5 pet supply stores near the property
  • 1 pet grooming service nearby

Work-from-home

  • High speed internet is an amenity
  • Utilities included in the rent
  • 2 internet service provider options nearby

Property highlights

We compared every listing in the surrounding area to determine which amenities are most common. If a building lacks an amenity that most others in the area have, it is a con. If a building has an amenity most others in the area do not, it is a pro. Similarly, price, schools, and size are calculated relative to the size, price, and distance to schools of the other properties nearby.

How The Downtown Terrace (550 Higuera Street) compares to other nearby properties.

Positives

More space
The 1-bedroom is 520 sqft larger than other listings nearby
Middle school nearby
There is a middle school 2 miles away
More space
Studio is 113 sqft larger than other listings nearby
Less expensive
Studio units are cheaper than other similar listings nearby
Less expensive
The 2-bedrooms are cheaper than other similar listings nearby
Images Available
There are at least 10 photos of this address
Pet friendly
This property allows pets

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Rent trends in San Luis Obispo

1-bedroom apartments here are priced 5% lower than 1-bedrooms in San Luis Obispo.

If you decide to upgrade your space, you can expect 2-bedrooms at The Downtown Terrace (550 Higuera Street) to be 12% less than the average for similarly sized apartments in San Luis Obispo.

Median rents as of Jun 13 2026.
San Luis Obispo
A table of studio rental data trends in San Luis Obispo
MonthMedian Rent
June 2024$1,920
July 2024$1,942
August 2024$1,937
September 2024$2,015
October 2024$1,897
November 2024$1,839
December 2024$1,868
January 2025$1,903
February 2025$1,912
March 2025$1,940
April 2025$2,043
May 2025$2,064
June 2025$2,009
July 2025$2,040
August 2025$2,013
September 2025$2,021
October 2025$2,033
November 2025$1,953
December 2025$1,917
January 2026$1,896
February 2026$1,875
March 2026$1,855
April 2026$1,825
May 2026$1,810
June 2026$1,969

Affordability calculator

Can I afford to live at 550 Higuera St?

Bedrooms

Rent-to-income ratio

30%

Slide to adjust the percentage of your monthly income you are willing to spend on rent.
The general rule of thumb is to spend around 30% or less of your income on rent.
Recommended income

$80,000/yr

With your selected rent-to-income ratio, you'd ideally want to make $80,000 annually to afford this 1-bedroom monthly rent price of $2,000.
For more information on rent affordability, visit our rent calculator.

Schools near The Downtown Terrace (550 Higuera Street)

San Luis County Special Education

3360 ed dr

san luis obispo, CA, 93405

K-12Public

Hawthorne Elementary School

2125 story st

san luis obispo, CA, 93401

K-6Public
A-

PEEP - PREPARE

1500 lizzie st

san luis obispo, CA, 93401

K-12Public

Pacific View Academy

1065 mesa view dr

arroyo grande, CA, 93420

K-12Public
B

Cayucos Elementary School

301 cayucos dr

cayucos, CA, 93430

K-8Public
A
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Internet available near The Downtown Terrace (550 Higuera Street)

Getting around San Luis Obispo near 550 Higuera St

Walking

6/10
Grab your reusable bags–many shops and stores are within walking distance.

Driving

10/10
Commuting is easy with multiple accessible routes and plenty of parking.

Cycling

6/10
Peddling isn’t a problem with cyclist-friendly streets and bikeable destinations.

Transit

3/10
There are a few mass transit options within the area.

Points of interest for 550 Higuera St, San Luis Obispo

Groceries

6/10
At least one supermarket within a 20-minute walk

Shopping

7/10
Several shops within a few minutes’ walk

Cafes

6/10
Some cafés within a few minutes’ walk

Restaurants

7/10
Variety of restaurants within a few minutes' walk

Primary schools

9/10
At least one elementary school within a 5-minute walk

High schools

9/10
At least one high school within a 5-minute walk

Nightlife

5/10
Some bars within a few minutes’ walk

Explore the area around 550 Higuera St

Smart & Final Extra!
1321 Johnson Ave
San Luis Oriental Market
1255 Monterey St
Slo Ranch Farms & Marketplace
851 Froom Ranch Way
Ralphs
201 Madonna Rd
California Fresh Markets
771 E Foothill Blvd

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