San Francisco renters, brace yourselves for another wild ride in the housing market rollercoaster. Just when you thought the pandemic might have given your bank account a breather, the AI industry swoops in to crush those hopes faster than a startup’s pivot.

The Numbers Don’t Lie

Rent prices are skyrocketing in the City by the Bay, with apartments leasing at lightning speed and prices climbing at a rate that would make even Wall Street blush. Recent data shows SF apartments are now spending just 20 days on the market - down from 46.7 days in January 2024 - which means if you blink, someone else will snatch that overpriced studio.

Who’s to Blame? Tech, Obviously

The culprit? Our shiny new AI overlords. The recent hiring spree by tech companies has transformed the rental landscape, driving prices up by a staggering 12-13% in just one year. Neighborhoods like Hayes Valley and South of Market are seeing the most dramatic increases, with renters feeling the squeeze.

The Painful Reality

Current average rents hover around $3,400 to $3,650, depending on who you ask. And with construction costs and interest rates keeping new housing projects in perpetual limbo, there’s no relief in sight. Welcome back to the San Francisco housing hunger games, where your paycheck is the tribute.