Apartments for Rent in San Francisco, CA - Home Rentals | realtor.com® (2024)

FAQs

Are rents dropping in SF? ›

San Francisco rents are flat month-over-month and down 1.0% year-over-year. The median rent in San Francisco rose by 0.5% over the course of July, and has now decreased by a total of 1.0% over the past 12 months.

Using that metric, San Francisco is the most expensive metro area in the nation by far. A household would need to earn $61.50 per hour to rent a modest two bedroom apartment in metro San Francisco, which also includes Marin and San Mateo counties.

Finding an apartment in San Francisco can be tough. The city, confined to just a little over 47 square miles and nearly surrounded by water, can't sprawl outwards, constraining the housing supply.

“The Bay Area has among the strongest economies in the world, which attracts talent and infuses an abundance of money in the region,” Lurie writes in an email. With that, comes high salaries — according to Bloomberg, the average tech worker makes $165,000 a year — which results in "high housing costs," explains Lurie.

In the first quarter of 2024, San Francisco saw a continued rise in apartment rents, marking the longest streak of rent increases in two years. By the end of March, average rents were 1.7% higher than in November 2023. If this growth persists, the city could experience a 5% annual increase in rents.

The average San Francisco home value was $1,216,087 as of December 31, down 5.6 percent from a year before, according to data from Zillow. Redfin writes that the median sale price of a home in the city dropped even lower, down 7.6 percent from a year before.

"San Francisco tops the list in the Bay Area at $131,000," Rebecca Sowell with Consumer Affairs said. "That's the minimum income in order to live a comfortable lifestyle."

1.7% current allowed rent increase

The percentage is effective through February 28, 2025. Effective March 1, 2023, the allowed rent increase percentage is 3.6%. The percentage is effective through February 29, 2024.

This was especially the case in the San Francisco and San Jose metro areas, which had some of the highest cost differentials: In San Francisco, their data showed you'll pay nearly 96% more to own versus rent.

Conversely, rents have been highest in San Fran in July and August. Many renters choose not to move in winter because of the chance of inclement weather and also because it's mid school-year. However, the winter months are your best time to find deals on rent.

Where to live in San Francisco on a budget? ›

When you rent an apartment in San Francisco, you can expect to pay about $2,208 per month for a studio, $2,851 for a one-bedroom apartment, and around $3,951 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $4,991 or more. $2,208/mo.

The average rent for an apartment in San Francisco is $3,287. The cost of rent varies depending on several factors, including location, size, and quality.

San Francisco rents continue to drop, and they probably haven't hit bottom. Median rent prices in San Francisco are the lowest they've been since mid-2021. Experts say they could decline a bit more as the rental market slows for the winter.

$104,400 classes as a 'low' income for a single-person household in San Francisco, California's housing department says. $104,400 is a "low" income in San Francisco County, according to California's housing department. The median income for a one-person household is listed as $122,500.

(NerdWallet) – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.

Oakland led Zumper's list of annual rent declines in California cities, with the cost to rent for a one-bedroom unit in the Bay Area community down 9.1% in 2024 compared to the past year. Sacramento took second place with a decrease of 8.1%, followed by Los Angeles in third place with 5%.

Bay Area Home Price Forecast in 2024

Such a trend, if it continues, could potentially put upward pressure on home prices across the San Francisco Bay Area. The Real Deal, referencing Zillow's forecast, expects a decline in home prices in the San Francisco metro areas by 2.7% over the next year.

San Francisco is also home to one of the highest percentages of residents who rent. At the moment, it's estimated about 65% of San Franciscans rent their domiciles. For context, about 54% of Los Angeles residents have leases tied to their homes, apartments, condos, rooms, and what have you.