The rent for a one-bedroom in San Francisco is now $4,430. This is based on the median asking price reported in the October Zumper National Rent Report.

Compared to a year ago, this represents a 26.2% increase. Having observed this market for a long time, it's quite rare for rents in major cities to jump more than a quarter in just one year.

Today, I will summarize the October rental data, the most recent sales data from September, and the rental policies proposed by the city.

First, let's clarify one term. The Zumper figure is not the actual contract amount but the "asking price" of newly listed properties, which is the median value set by landlords.

In simpler terms, this is the price that someone looking for a new place to move into encounters. Keep in mind that this may differ from the rent paid by current tenants.

The rent for a two-bedroom is $6,320, which is a 27.9% increase from a year ago. However, it has decreased by 0.3% compared to September, and the one-bedroom rent only rose by 0.7% over the past month.

Since the one-bedroom rent was $4,400 in September, the pace of increase seems to have stabilized. Still, the overall level is so high that it's not a time to feel reassured.

The national median asking price for a one-bedroom is $1,519, which has only increased by 0.5% compared to a year ago. While the national market remains stable, San Francisco is moving in a different direction.

As for sales, the October data is not fully available yet, so we will refer to the September data compiled by the local real estate firm theFrontSteps.

The median sale price for single-family homes in September was $2,054,000. This is an 18.39% increase from $1,735,000 a year ago and more than an 11% increase from $1,850,000 in August.

The median price for condos was $1,316,500, which is an 18.87% increase from $1,107,500 a year ago. Condos, which had been recovering more slowly compared to single-family homes, have now caught up with a similar rate of increase.

Properties are selling quickly. The average days on market in September were 12 days for single-family homes and 14 days for condos, with the condo market nearly halving from 26 days a year ago.

Available listings have become scarcer. As of the end of September, there were 229 active single-family home listings, down 25% from 306 a year ago, and condos decreased from 644 to 428, a drop of over 33%.

There is also a metric called months of inventory. This indicates how many months it would take to sell all current listings if no new properties were added. For single-family homes, it was 1.2 months, and for condos, it was 2.0 months.

Generally, the lower this number, the more favorable the market is for sellers. A figure of 1.2 months suggests that buyers have very little room for negotiation.

Various media and industry sources attribute this situation to high-income hiring in the AI sector and migration demand. Supply is constrained while demand from those with money has surged.

As rents have risen, Mayor Daniel Lurie declared a "rental emergency" on September 10. According to the city's announcement, the median rent has increased by 25.6% over the past year, and eviction notices have exceeded 1,000 this year.

According to apartment listing data cited by the city, the vacancy rate for multi-family homes was 2.2% as of June. At the same time, Oakland had a rate of 4.5% and San Jose had 4.1%, indicating how difficult it is to find vacant homes.

The emergency package includes six ordinances and a budget of over $30 million. $3 million has been allocated for free legal assistance to 400 households facing eviction.

There is also a proposal to increase the relocation compensation that landlords must provide to tenants evicted under the Ellis Act by 25%, nearly $3,000 per person.

If you are unfamiliar with the Ellis Act, think of it this way: it is a California state law that allows landlords to evict tenants when they cease to operate as landlords.

For tenants under rent control, there is a proposal to cap rent increases at 10% per year, combining deferred increases and repair costs.

However, these ordinances were only proposed at the time of the announcement. To confirm whether they have been passed and when they will take effect, it is best to check directly with the city's Rent Board or on sf.gov.

There are criticisms that the declaration is merely symbolic, and some developers who serve on landlord association boards do not agree with the diagnosis of an emergency. I believe that measures to increase supply must accompany these efforts to be effective.

So, what should those looking for rentals do now? First, I recommend checking whether the building is subject to rent control, as this significantly affects the limits on increases.

If you are looking to buy a home, it is unwise to set your budget based solely on asking prices. In a competitive market like this, properties often sell for much higher than the asking price, so you should first look at recent sales prices in the neighborhood.

If you are investing, you need to factor in that the purchase price has also risen along with the rent. The trend of strengthening tenant protection regulations should not be overlooked in your calculations of profitability.

At this point, I would not rush into anything. I would wait to see the sales data for October and November before making any moves. It's important to determine whether the recent slowdown in rent increases is temporary.

The rental figures in this article are based on the Zumper October 2026 report, sales figures from theFrontSteps' September 2026 compilation, and policy details from the city's announcement on September 10. I will revisit this topic next month as new figures become available.