San Francisco Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for San Francisco, CA. Currently, the overall median rent in the city stands at $2,673, roughly the same as last month. Prices remain down 1.5% year-over-year. Read on to learn more about what’s been happening in the San Francisco rental market and how it compares to trends throughout the broader San Francisco metro area and the nation as a whole.

San Francisco rents are flat month-over-month and down 1.5% year-over-year

The median rent in San Francisco rose by 0.4% over the course of April, and has now decreased by a total of 1.5% over the past 12 months. San Francisco’s rent growth over the past year has is similar to both the state (-0.9%) and national averages (-0.8%).

San Francisco rent growth in 2024 pacing above last year

Four months into the year, rents in San Francisco have risen 2.0%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 0.2%.

April rent growth in San Francisco ranked #55 among large U.S. cities

San Francisco rents went up 0.4% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #55. Similar monthly rent growth took place in Irving, TX (0.4%) and Chula Vista, CA (0.4%).

San Francisco is the #4 most expensive large city in the U.S., with a median rent of $2,673

Citywide, the median rent currently stands at $2,698 for a 1-bedroom apartment and $3,198 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,673. That ranks #4 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in San Francisco is 91.4% higher than the national, and is similar to the prices you would find in Fremont, CA ($2,716) and Arlington, VA ($2,512).

San Francisco rents are 5.6% higher than the metro-wide median

If we expand our view to the wider San Francisco metro area, the median rent is $2,532 meaning that the median price in San Francisco proper ($2,673) is 5.6% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.9%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 19 cities in the San Francisco metro area that are included in our database. Among them, San Mateo is currently the most expensive, with a median rent of $3,178. Berkeley is the metro’s most affordable city, with a median rent of $1,941. The metro's fastest annual rent growth is occurring in Concord (3.2%) while the slowest is in Oakland (-10.3%).

You can also use the map below to explore the latest rent trends in the San Francisco metropolitan area.