Residential rent in San Francisco has continued to decline, though The City still ranks as one of the most expensive in the United States to rent a home.
Zumper, an online rental platform based in San Francisco, published a report Tuesday which shows the median rent for a one-bedroom apartment in The City fell 1% from prices recorded in November 2022.
Apartment List's December report showed a more dramatic 6.7% rate of decline for rent prices for all types of apartments in The City over the same period, and added California has experienced the sharpest rent decline this year when compared to other states.
To tabulate its median rent rankings, Zumper aggregates data from "over 1 million" active listings on its platform. Conversely, Apartment List estimates median rent prices across new leases signed in specific markets and months and looks at U.S. Census data.
Rent prices in San Francisco were mostly flat for much of 2023 before experiencing a sudden climb in early and mid-August, according to Zumper. Prices have steadily decreased since the beginning of September and have dipped to lows rivaling those recorded at the beginning of 2023.
Ex // Top Stories
The mayoral candidate wants to incentivize older officers to stay on the force
Arizona waste-hauling abruptly withdrew contract to beat out Recology's San Francisco bid
With 2020’s San Francisco middle-schoolers set to become 2024’s college students, educators and parents reflect on the consequential decision to send students homeÂ
Overall, both platforms estimated the median rent for a one-bedroom apartment in San Francisco to be under $3,000.
However, renters in The City are still spending more on their dwellings than the average U.S. citizen despite the precipitous price drops, according to both platforms.
Zumper listed San Francisco as the fourth-most expensive U.S. city to rent a one-bedroom apartment, just barely ceding its previous No. 3 spot to Boston. Apartment List — taking into consideration all sizes of apartments — listed San Francisco as the 14th most expensive city in which to rent, with prices standing 4.2% above the country's median rent for an apartment in a large city.
The City faces an acute housing shortage, and must build 82,000 homes by 2031. Facing pressure from state housing officials, San Francisco Board of Supervisors on Tuesday delayed a vote on legislation intended to streamline The City’s review process for new housing proposals.Â
The legislation has already faced significant delays and extensive tweaks to address concerns from legislators, warnings from the state and outcry from advocates who feared it could incentivize the demolition of rent-controlled housing.
