Overview
- In late July, Zumper’s national rent report showed San Francisco’s median two‑bedroom asking rent at $6,020 and the one‑bedroom median at $4,180, both the highest in the company’s decade‑plus records.
- Two‑bedroom rents in San Francisco now exceed New York City’s median two‑bedroom, while New York retains the top spot for one‑bedrooms.
- Zumper and local analysts attribute the surge mainly to concentrated AI‑sector hiring bringing higher earners back to the city and heavy competition for a small pool of listings.
- Active rental listings in Zumper’s database are down roughly 30% year‑over‑year, which Zumper says reflects a near‑empty construction pipeline and renters staying put rather than risk worse deals.
- The jump in asking rents is widening the gap with nearby Bay Area markets such as San Jose and Oakland and raises pressure on policy levers like zoning and permitting to expand long‑term housing supply.