San Francisco's rental market has been experiencing a unique trend compared to the rest of the country. Despite being one of the most expensive cities for renters in the US, San Francisco's median rent prices have been declining. By November 2023, the median one-bedroom asking rent was $2,190, the lowest since mid-2021 and 16.4% lower than pre-pandemic levels. This decline is attributed to fewer people looking for apartments, partly due to remote work trends and tech layoffs. Additionally, the city has seen a significant drop in rent prices since their peak in 2015, with a 22% decrease by March 2024.