For the first time in the city’s history, the rent for a one-bedroom apartment crossed $4,000. Only New York City at $4,680, is higher. With third-place Boston at $3,000, the gap between SF, NYC and the rest of the top 10 is “staggeringly wide,” the report states.
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One-bedroom apartment rents in San Francisco hit their previous all-time high back in 2020 at $3,400. The pandemic remote work boom and subsequent post-pandemic malaise saw one-bedroom rental rates plummet, hitting a low of $2,600 in 2021.
Zumper
From there, rents appear to have gradually rebounded over the next few years before abruptly spiking over the past year.
Rent for a two-bedroom apartment in SF, meanwhile, is now level with New York City at $5,500.
Another Bay Area city, San Jose, also crept into the top 5 for highest one-bedroom apartment rents at $2,600, bumping Miami down to sixth place.
San Francisco’s dramatic rent spike comes as the city is in the midst of an artificial intelligence boom with many AI startups offering blockbuster salaries and stock options ahead of anticipated IPOs.
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