Three years after the pandemic began, rental prices in the city of San Francisco are still less expensive than before, while rents in other parts of the Bay Area have surged.
San Francisco’s typical asking rent was $3,440 a month in February 2023, according to data from the real estate listing site Zillow, after dropping by about 3.7% from $3,570 in February 2020. But the larger San Francisco metropolitan area, one of the most expensive places in the country, saw rents rise from $2,930 to $3,080, a 5.4% increase. The San Francisco metro area includes Oakland, Berkeley and Marin County, but not San Jose.
National rent prices jumped even more, rising by 25.8% over the three years.
But even within the city of San Francisco, there have been diverging rental price trends, according to ZIP code level estimates from Zillow. For example, the 94112 ZIP code area, which includes Balboa Park and Excelsior, saw typical rent rise about 20% from $2,790 to $3,350. The 94116 ZIP code in the Sunset District increased by nearly 15% from $2,840 to $3,250.
But most San Francisco ZIP codes, especially those in and around downtown, saw rents decline. The 94102 ZIP code, which includes the Civic Center and part of the Tenderloin, had the largest percentage decrease in the city, falling more than 10% from $3,050 to $2,730.
Zillow doesn’t have historical rental data for every ZIP code in the Bay Area, particularly ZIP codes with few rental homes and small populations. The map below shows rental price changes for those ZIP codes for which there were estimates in both February 2022 and February 2023.