San Francisco Apartment Rents See 3% Dip, but Performance Varies Widely by Neighborhood

It has been well documented that San Francisco has the highest average apartment rents in the nation. That position has been under threat over the past few years, as rent growth among San Francisco apartments has lagged every other major market. Indeed, the average rent for San Francisco apartments remains below the peak the market saw in 2019. Since then, average apartment rents in both New York and San Jose have closed the gap.