San Francisco apartment rents surge into summer as tight supply fuels nation-leading growth

San Francisco’s multifamily market entered the summer leasing season with rent growth accelerating at one of the fastest rates in the nation. Tight vacancy, limited new supply and a resurgence in renter demand tied to technology and artificial intelligence employment have combined to bolster landlord pricing power. The market’s vacancy rate stood at just 3.8%, while asking rents were up 11% year over year, reflecting one of the strongest apartment recoveries among major U.S. markets.