San Francisco multifamily market, October 2026

Landlords have the edge in San Francisco, and it is heating: asking rents are up 12.7% on a year, while jobs grew 0.3%.

Updated October 31, 2026 · from Zillow, BLS and the US Census Bureau

+12.7%

Asking rent, year over year

Zillow · September 2026

+0.3%

Jobs, year over year

BLS · September 2026, preliminary

5.9%YEARLY

Vacancy

Census · 2024 count

What is moving now

Asking rents are up 12.7% on a year to September 2026, which is the figure the condition is read from. Jobs are up 0.3% over the same year to September 2026, a first release the BLS revises the following month. Asking rents are climbing (September 2026).

The backdrop

These are yearly Census counts, not this month's: 5.9% of rentals sat empty in 2024, permits for new apartments were up 63% in 2025, more people moved out than in in 2025, and the typical rent was $2,435 a month in 2024. They are the background the monthly figures move against, and they are the newest the Census has published.

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Common questions about San Francisco

Answered from the data, updated October 31, 2026

Is the San Francisco rental market tight or soft right now?

In San Francisco right now, landlords have the edge, and it is heating.

Which way is the San Francisco market heading?

San Francisco is heating right now, as asking rents firm over the past year (Zillow ZORI, monthly).

Is San Francisco a landlord's or a renter's market?

San Francisco is a landlord's market right now: landlords have the edge, and it is heating.

What is the vacancy rate in San Francisco?

Vacancy in San Francisco is 5.9% in the 2024 count, a yearly snapshot rather than a monthly reading (US Census Bureau).

How much have San Francisco rents changed?

Asking rents in San Francisco are up 12.7% over the past year (Zillow ZORI, monthly, latest Sep 2026).

Recent coverage

Daily, from the MetroSgnl news feed. Headlines only.

San Franciscans are voting on 5 housing measures this election. Will it make a difference?San Francisco Chronicle

Prado Group CEO joins Scott Wiener’s real estate crew for Congressional bidTRD San Francisco

Essex Property picks up Hayward apartments in $205M all-cash dealTRD San Francisco

Align Real Estate moves to dismiss Marina Safeway lawsuitTRD San Francisco

How high can they go? SF reaches a new rent record as Anthropic’s IPO loomsTRD San Francisco

Strada plans office-to-resi redevelopment at recently acquired Palo Alto siteTRD San Francisco

See all San Francisco news →

Data: Zillow ZORI, BLS, US Census Bureau, FRED, and the MetroSgnl news feed. Recomputed daily. Market information only, not investment advice.
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