San Francisco renters faced the tightest market of any U.S. city tracked by rental platform Apartment List in June. Just 2.2% of multifamily units on the platform were vacant — about 1 in 50 — compared with 7.2% nationally.
The national vacancy rate has been stable over the past year, but in San Francisco, where demand for housing has rushed back amid the artificial intelligence boom, available rentals are becoming even rarer. Apartment List estimated that the city’s rate was 3.7% in 2025 and 4% in 2019.
With renters forced to compete for a shrinking market, more may have to find roommates or settle for leasing a bedroom rather than a full unit. The competition has contributed to a 15% year-over-year jump in median asking rents, according to Apartment List.
Apartment List’s vacancy data only covers properties on its platform that have at least 10 rental units, meaning the trends may largely reflect bigger, professionally managed buildings. Still, the data echoes anecdotes from some renters who say looking for a new apartment means going up against dozens of other applicants…