San Francisco median 2-bedroom rent soars to $6,000/month, report says

San Francisco's already hot rental market appears to show no signs of slowing down, as the median rent for a two-bedroom apartment in the city has passed the $6,000 mark, a new report finds.

According to the real estate company Zumper, the median two-bedroom rent in San Francisco is $6,020/month, surpassing New York for the nation's highest rent for a two-bedroom ($5,450). Two-bedroom rent in the city is up 5.6% from the previous month and up 25.9% year-over-year.

The company said it is the first time median rents in the city have topped $6,000.

Rents for a one-bedroom in San Francisco also keep climbing. The company said the median one-bedroom in the city reached $4,180/month, up 3% from the previous month and second only to New York City, at $4,560/month.

Compared to this time last year, the median one-bedroom rent in San Francisco is up 22.9%.

"Both bedroom types are the most expensive in Zumper's decade-plus of San Francisco records, and the city continues to lead the nation in annual rent growth by a margin no other major market comes close to," the company said in a statement.

Zumper cited several reasons for the surge in rents, including hiring in the AI sector and what they described as a "near empty" construction pipeline. The company said active listings in San Francisco are down 30% year-over-year in their database, as more renters decide to stay put.

In other parts of the Bay Area, the company found the median apartment rent in San Jose is $2,770/month for a one-bedroom and $3,590/month for a two-bedroom. Compared to last month, rents in San Jose were up 0.4% and 2.3%, respectively.

Across the bay in Oakland, the median one-bedroom rent rose 1% to $2,090/month for a one-bedroom and rose 1.5% to $2,640/month for a two-bedroom.