Five Most Affordable Neighborhoods in Santa Monica

Considering a move to sunny Santa Monica? Welcome, you’re in good company! Santa Monica is the kind of place where your morning coffee comes with a side of ocean breeze, sunny skies, and easy access to the best Southern California has to offer. While it’s known for its high demand and high rent prices, there are still ways to find Santa Monica apartments that offer great value. The key is knowing where to look.

As of March 2026, the average rent in Santa Monica is $2,958/month for an average apartment size of 583 sq ft. Prices are down 3.1% year-over-year, a small but welcome shift for renters. If you’re searching for apartments for rent in Santa Monica that won’t stretch your budget too far, certain neighborhoods are your best bet. Based on current rent data, here are five of the most affordable neighborhoods in Santa Monica, starting with the best deals:

• Sunset Park
• Chelsea Green
• Pico
• Ocean Spray
• Sierra Vista Heights

Sunset Park

• Average rent in Sunset Park: $2,562/month
• Average rent in Santa Monica: $2,958/month

If you’re looking for Santa Monica apartments that balance location and price, Sunset Park is your front-runner. It’s the most affordable neighborhood on this list and offers a bit more breathing room than the city’s average, with apartments averaging  605 sq ft. With studios averaging only $1,708/month, there’s no doubt you’ll get some of the best bang for your buck the city has to offer.

Sunset Park appeals to renters who want a laid-back, residential area that’s not disconnected from all the action. It’s a great place to find places for rent that deliver everyday convenience and a relaxed neighborhood vibe.

Chelsea Green

• Average rent in Chelsea Green: $2,655/month
• Average rent in Santa Monica: $2,958/month

Chelsea Green is a strong option for renters searching for Santa Monica apartments below the city’s average. With an average apartment size of 648 sq ft, units here offer just a little more space than you might expect in similarly competitive rental markets at a similar price range. If your ideal Santa Monica apartment includes enough room to actually live comfortably—not just get by—this neighborhood is a practical and appealing choice.

Chelsea Green is a small residential strip that’s located almost at the heart of Santa Monica’s midtown. Because of its small size, you may find it challenging to find apartments. But if you’re still wanting to stick around the area during your apartment search, take a look at your options in Mid-City Santa Monica (average rent $3,537/month) and Northeast (average rent $3,331/month). While slightly more expensive than Chelsea Green, these two alternatives are still within the top ten most affordable neighborhoods in Santa Monica.

Pico

• Average rent in Pico: $2,854/month 
• Average rent in Santa Monica: $2,958/month

Pico has the best of both worlds: a mix of luxury apartments and studios starting at just below the average rent for Santa Monica. Pico is a great fit if you want to stay close to the action while balancing affordability.

This neighborhood is known for its central location and easy access to everyday essentials, from local eateries and grocery stores to robust transit options. Pico Boulevard serves as the main hub for this neighborhood, giving renters a mix of convenience and connectivity that’s hard to beat. Many apartments for rent in Pico put you just a short ride or walk from the beach, Downtown, and major commuter routes. For renters prioritizing location and daily efficiency, Pico’s hard to beat. There's a reason why Pico is one of Santa Monica's best neighborhoods. 

Ocean Spray

• Average rent in Ocean Spray: $2,952/month
• Average rent in Santa Monica: $2,958/month

Ocean Spray sits right at around the average rent price for Santa Monica, but it stands out for offering more space when compared to areas like Sunset Park. At 654 sq ft on average, rentals here are larger than the city norm, making it a strong option for renters who don’t want to compromise on their apartment’s square footage.

The Ocean Spray neighborhood offers a quieter, more residential feel while still being close to Santa Monica’s best destinations. It’s a great middle ground for renters who want access to the beach and city amenities without being in the busiest areas. If you’re comparing apartments in Santa Monica and are looking for a balance of price and space, Ocean Spray makes a compelling case to call it home.

Sierra Vista Heights

• Average rent in Sierra Vista Heights: $2,991/month
• Average rent in Santa Monica: $2,958/month

Last but most certainly not least, we have Sierra Vista Heights round out this list. While the average rent here is slightly above the city average, it still stands out among Santa Monica apartments for offering more space and variety at a relatively accessible price point.

This area will appeal to renters who are willing to stretch their budget slightly in exchange for added comfort, livability, and diverse rental options. It maintains a residential feel while keeping you within reach of Santa Monica’s key destinations, making it a practical option for long-term renters. If you’re browsing apartments in Santa Monica while weighing cost versus options, Sierra Vista Heights is a smart move.

Find Your Perfect Santa Monica Apartment on Apartments.com

Whether you’re looking to downsize, share with roommates, or have the best of affordability and urban life, Apartments.com makes it easy to compare neighborhoods and spot the best-value listings in Santa Monica. Search by neighborhood, filter by price range, and even narrow down by the features or amenities that matter most—because “affordable” should still feel like your kind of place.

Apartment rent data provided by CoStar Group’s March 2026 reports.