Rents for one-bedroom apartments in San Francisco have increased by 13.3% over the past year, with many tenants facing challenges in securing housing amid a surge in demand linked to the artificial intelligence sector.
The rising cost of rent is affecting both newcomers and long-term residents, making it increasingly difficult for many to find affordable options. The average monthly rent for a typical one-bedroom apartment is now around $3,745, which is higher than approximately 97 percent of the national median. Roughly 59 percent of San Francisco renters pay more than $3,000 monthly.
Tralane Cardona arrived in San Francisco on Jan. 12 to start a new job at Aramark but found her initial apartment unavailable upon arrival. After five weeks staying in an Airbnb outside the city, she eventually secured an apartment in Daly City. “Moving here from out of state, can be frustrating and daunting,” Cardona said.
Pete Rodway, a real-estate agent with Compass, said that the influx of buyers associated with artificial intelligence companies has contributed to a tighter rental market. “We weren’t really seeing as much AI funding coming in. But now, we’ve seen a huge boom of AI buyers that are really pushing the market up. It certainly feels like the rental market is tighter than it’s been in a long time,” Rodway said.
Some renters are turning to real-estate agents for help navigating the competitive landscape. Gabriel, a student at San Francisco State University, described applying to dozens of places before finding accommodation through personal connections. He pays $875 per month to share an apartment with four roommates—67 percent of his monthly income from part-time work.
Despite these challenges, some remain determined to live in San Francisco. Lucas Vargas Zeppetello, who recently returned to the Bay Area for a teaching position at UC Berkeley, said: “I feel, that the people I know from San Francisco have this incredible pride of place. People really value being from the city.”
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