San Francisco Metro Average Rent Tops $3,700, Surpasses New York for First Time Since 2019
The WSJ segment reports that the San Francisco metro area has regained the title of America’s most expensive rental market. Average asking rents have risen 18% over two years to more than $3,700 monthly, overtaking New York’s metro for the first time since 2019. The surge is attributed primarily to high-salaried AI workers at firms such as OpenAI and Anthropic, with the fastest gains in Mission Bay and SoMa. The piece contrasts this with the pandemic-era drop of more than 7% in 2020 and notes shrinking inventory, landlord buyouts, and spillover price pressure in Oakland and San Jose.
Source: The Wall Street Journal