Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. San Francisco's rental market has reached another milestone. The city's median rent for a two-bedroom apartment climbed to $6,020 a month in July, the first time it has crossed the $6,000 mark, according to real estate company Zumper.
That is a 25.9% jump from a year earlier. Median rent for a one-bedroom apartment also hit a record $4,180, up 22.9% over the same period. San Francisco now leads the country in annual rent growth, Zumper said.
While New York City still has the nation's highest median rent for one-bedroom apartments at $4,560, San Francisco has pulled far ahead for two-bedroom units. The median rent now sits $570 above New York's. Jeff Bezos Is Putting $100 Billion Behind AI Robotics — This Company Is Already Deploying Robots In Restaurant Kitchens.
Deloitte's #1 Fastest-Growing Software Company Lets Users Earn Money Just by Scrolling — Investors Can Still Get In at $0.52/Share Fewer Apartments Are Fueling Higher Rents Zumper pointed to one reason rents continue climbing in San Francisco. Active rental listings in the city have fallen about 30% from the year before. At the same time, new apartment construction has slowed, while demand has stayed strong.
Zumper also points to AI-sector hiring and a limited pipeline of new housing as factors putting more pressure on available apartments. "The supply wave that reshaped this market is receding, and demand is gradually moving into the space it leaves behind," Zumper CEO Shawn Mullahy said. "Two-bedroom rents turning positive year-over-year is the first real fingerprint that supply and demand are beginning to come back into balance." The national picture looks much calmer.
The median U.S. rent for a one-bedroom apartment stands at $1,520, unchanged from 2025. Two-bedroom rents reached $1,906, up 0.1% annually. That marks the first year-over-year increase for the national two-bedroom median since June 2025.
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