That makes sense given that rental rates for San Francisco one- and two-bedroom apartments at any price point are up 11.9 percent and 14.2 percent, respectively, in the same period, she said.

PCCP LLC acquires 1,770 apartments in San Francisco and Oakland for $540.5M, signaling renewed investor interest in Bay Area multifamily assets.

San Francisco’s average rent, as of Q1 2025, is $3,200 per month, a 2.7% increase year-over-year. The citywide vacancy rate has dropped to 5.5%, the lowest rate since Q4 2019, IPG reported.