SAN FRANCISCO — Rent for a one-bedroom apartment in San Francisco is up 21.9 percent year-over-year, a major anomaly in the wider rental landscape, according to a June report from real estate website Zumper.
A one-bedroom in San Francisco is priced at $4,060, while a two-bedroom comes to $5,700, making both the priciest ever in Zumper’s more than a decade of data for the city.
“The biggest story in housing is still supply,” CEO Shawn Mullahy said in the report. “... Where supply is constrained, rents are rising — sometimes aggressively.”
Zumper noted that San Francisco's rental market is shaped by a unique combination of factors, including aggressive AI hiring, return-to-office policies, a nearly empty construction pipeline and a rental occupancy rate of over 96 percent.
The issue isn’t just contained to San Francisco. In Oakland, one-bedroom rents are up 6.2 percent annually and in San Jose they’re up 2.6 percent, according to the website.
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