San Francisco's median asking rent for a two-bedroom apartment rose to a record $6,020 in July, up 25.9% from a year earlier, while one-bedroom median rent reached a record $4,180, up 22.9%, according to Zumper. Manhattan's median rent on new market-rate leases also hit a record in July at $5,000, up 3% from June and 6% from July 2025, according to Bloomberg, The Real Deal and appraisal firm Samuel Miller. In both markets, rents rose as supply tightened sharply: Zumper said San Francisco active listings fell about 30% year over year, while Manhattan public market listings dropped by roughly 4,000 units, or 39%.