San Francisco Overtakes New York as Costliest U.S. Market for Two-Bedroom Rentals

San Francisco has become the United States’ most expensive city for renting a two-bedroom apartment, edging out New York City for the first time in more than a decade of tracking by real-estate platform Zumper. The median monthly rent for a two-bedroom unit in San Francisco rose 5.6 percent month-over-month to $6,020, a 25.9 percent increase year-over-year. By contrast, New York City’s median two-bedroom rent stands at $5,450, leaving San Francisco $570 higher.

The Independent

The surge follows a rapid expansion of hiring in the artificial-intelligence sector and a stagnant pipeline of new residential construction. Rental listings in San Francisco fell roughly 30 percent year-over-year as higher costs encouraged existing tenants to remain in place, tightening supply further. Adjacent Bay Area markets experienced rent growth as well, though at lower absolute levels.

The Independent

• San Francisco two-bedroom median rent: $6,020 (up 5.6 % MoM, +25.9 % YoY).

The Independent

• New York City two-bedroom median rent: $5,450 (YoY).

The Independent

• San Francisco one-bedroom median rent: $4,180 (22.9 % YoY gain).

The Independent

• National two-bedroom median rent: $1,906 (up 0.1 % YoY, first increase since June 2025).

The Independent

• National one-bedroom median rent: $1,520 (flat YoY).

The Independent

• San Jose two-bedroom median rent: $3,590; Oakland two-bedroom median rent: $2,640.

The Independent

Zumper analysts attribute San Francisco’s price pressure to expanding tech-sector employment combined with a near-static construction pipeline for new housing. Zumper chief executive Shawn Mullahy noted that national figures mask the absence of an “average housing market” amid these localized dynamics.

The Independent

• “What the national figures hide, though, is that there really isn’t an average housing market right now,” — Shawn Mullahy, zumper chief executive

The Independent