San Francisco apartment rents push higher as tight supply and tech demand fuel growth

San Francisco’s multifamily rent recovery strengthened further in April, underscoring the metro area’s sharp turnaround from earlier‑decade weakness. Asking rents continued to climb amid persistently tight supply, strong absorption and renewed demand tied to tech and AI‑related hiring. With vacancy hovering near a decade low, April’s gains reinforce San Francisco’s position as the most competitive apartment market in the country.