Welcome to the December 2023 San Francisco Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the December 2023 key findings and figures for the San Francisco rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in San Francisco and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of San Francisco average rent prices in the chart below.
San Francisco rent prices decreased over the last month. From November to December, the city experienced a -1.84% decrease for the price of a one-bedroom apartment. The rent price for a San Francisco one-bedroom apartments currently stands at $3,033.0.
When we take a look at the two-bedroom comparison from November to December, San Francisco experienced a -2.6% decrease for the price of a two-bedroom apartment. The rent price for a San Francisco two-bedroom apartments currently stands at $4,051.0.
Rent prices have decreased in San Francisco over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 0 of the San Francisco suburbs increased last month. On the other hand, 7 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rents did not increase in any of the San Francisco suburbs
Rent decreased in Oakland, CA, Berkeley, CA, San Mateo, CA, Walnut Creek, CA, San Ramon, CA, Emeryville, CA, San Leandro, CA.
7 suburbs are currently priced lower than the city of San Francisco.
Rent growth in San Francisco over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, San Francisco average rent prices appear to be relatively affordable for local residents.
The price for a San Francisco one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
For more information about San Francisco and surrounding area rent prices, take a look at the complete data set below.
|1 BR December||1 BR M/M % Change||2 BR December||2 BR M/M % Change|
|San Francisco, CA||$3,090.0||-1.03%||$4,159.0||-1.98%|
|San Mateo, CA||$2,962.0||-1.04%||$3,401.0||-1.73%|
|Walnut Creek, CA||$2,517.0||-0.16%||$3,286.0||-0.96%|
|San Ramon, CA||$2,367.0||-0.50%||$2,888.0||0.10%|
|San Leandro, CA||$2,033.0||-0.83%||$2,559.0||0.27%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.