San Francisco is witnessing a dramatic shift in its rental market, marking the end of discussions surrounding a so-called “San Francisco exodus.”
With rents soaring at an unprecedented pace, the city now boasts the fastest leasing rates in the United States, reflecting a dynamic turnaround in the local real estate landscape.
For several years following the pandemic, San Francisco was the only major US metropolitan area where rental prices remained beneath pre-pandemic levels, while other cities experienced significant rent hikes.
However, the trend began to change around late 2024 and early 2025, as reports emerged indicating that San Francisco’s rents began to rise at a brisker pace than anywhere else in the nation.
Apartment-hunters in the city are now facing the reality of this accelerating trend.
Even with rent levels still below 2019’s peaks, the demand for apartments has surged, leading to faster leasing times.
According to a study conducted by Apartment List and reported by the Chronicle, San Francisco apartments currently find tenants in an average of just 20 days.
This is a significant decrease from the 46.7 days observed as recently as January 2024, marking the shortest leasing time for the city since July 2019.
Moreover, the analysis indicates that rents in San Francisco have climbed by 12% over the past year, surpassing all other major US metropolitan areas included in the study.
The findings align with a separate report from Zumper, which showed a remarkable 13% increase in rents in San Francisco between July 2024 and July 2025.
Notably, some neighborhoods have experienced even steeper increases, with Hayes Valley leading at a 13.5% rise, followed closely by South of Market at 11.4%, Civic Center at 10.9%, and South Beach at 9.3%.
Zillow also released data corroborating these trends, revealing that the average rent in San Francisco has jumped by $250 over the last year, including a substantial $150 increase in just the past month.
Zillow estimates the current average rent for an apartment in San Francisco at approximately $3,650 across all unit sizes, while Zumper provides a slightly lower average of $3,400.
Critics have pointed to the stagnant housing stock in San Francisco as a contributing factor to the rising rents, a claim that holds some truth.
High interest rates and escalating construction costs have stalled housing projects for years, leaving developers hesitant to build even with existing permits.
As these market conditions linger, it’s clear that San Francisco is likely to remain one of the most expensive cities for renters in the nation.
Home seekers and potential tenants may need to adjust to this reality as the city’s rental landscape continues to evolve.
image source from：sfist
