ZIP Code · CA

ZIP 94121

Part of San Francisco, CA

Pop. 41,995·San Francisco County·58th most expensive ZIP in California

Median rent (all units)

$4,486/mo

Year-over-Year

+23.6%

Month-over-Month

+2.1%

vs US Median

+$2,554

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 94121 · $4,486

More expensive than 98% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$2,050

1 BR

$2,510

2 BR

$2,990

3 BR

$3,730

4 BR+

$3,960

Research median

$2,990/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in ZIP 94121 usually run 1.7% below trend in January and 1.5% above it in August, about $144 a month apart at today's median. Based on 6 years of data.

Compared with the peak

Rent in ZIP 94121 is at its highest level since Zillow's records here began in January 2020.

Past year vs. the rest of California

Rent in ZIP 94121 changed +23.6% over the year to September 2026. Across the 819 California ZIP codes Zillow tracks, the typical change was +3.2%.

Since before the pandemic

Rent in ZIP 94121 is 34.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 15 months in a row, and rose in 12 of the last 12 months.

What a typical income covers

30% of the median household income ($133,358) is $3,334 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,990); a 3-bedroom is $3,730.

Rank in San Francisco

8th cheapest of 22 ZIP codes in San Francisco.

Cheaper nearby

ZIP 94132, 4 miles away, rents for 27% less ($3,276/mo), about $14,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 94121. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$53,832/yr

At $4,486/mo median

Location

CitySan Francisco

StateCA

CountySan Francisco County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 23.6% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+23.6% YoY, +2.1% MoM), not inventory.

Demographics

Who lives here

ZIP 94121 (San Francisco, CA) is majority renter-occupied, has a large retiree population, has a median income above the national average, 64.6% of residents hold a bachelor's degree or higher.

Population

41,995

Median income

$133,358

Median age

44.5

Renters

56.1%

Age distribution

15.3%

20.6%

28.7%

13.4%

22.1%

Under 1815.3%

18–3420.6%

35–5428.7%

55–6413.4%

65+22.1%

Gender

48.2%

51.8%

Male48.2%

Female51.8%

Race & ethnicity

42.1%

41.3%

White42.1%

Black1.6%

Hispanic10.4%

Asian41.3%

Other4.6%

Education (25+)

19.4%

64.6%

No HS diploma8.5%

HS diploma7.5%

Some college19.4%

Bachelor's+64.6%

Housing tenure

43.9%

56.1%

Owner43.9%

Renter56.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 94121 in San Francisco, CA has changed in 5 years

Rent

$2,989 → $4,486

up 50.1%

Income

$116,970 → $133,358

up 14.0%

Population

43,964 → 41,995

down 4.5%

Renter share

56.3% → 56.1%

-0.2 pts

Bachelor's+

62.5% → 64.6%

+2.1 pts

Median age

41.6 → 44.5

+2.9 yrs

Rent in ZIP 94121 in San Francisco, CA has climbed 50.1% since 2021, going from about $2,989 per month to roughly $4,486 today. Census figures show median household income at $133,358 today, compared with $116,970 five years earlier. Rent outpaced income growth by roughly 36.1 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 43,964 to 41,995 between 2021 and 2024, a 4.5% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 62.5% to 64.6%. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

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About renting in ZIP 94121

Last updated: October 17, 2026

ZIP code 94121 covers San Francisco, CA. The median rent here is $4,486/mo as of October 2026. A 1-bedroom rents for a median of $2,510/mo. A 2-bedroom rents for a median of $2,990/mo.

At 40% of local median household income ($133,358/yr), ZIP 94121 ranks as moderate compared to the national benchmark of 30%. Rents have increased 23.6% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 94121?

To keep rent at or below 30% of gross income, you would need to earn at least $179,000/year (about $86/hour full-time) to afford the median rent of $4,486/mo in ZIP 94121. The local median household income is $133,358/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 94121?

Rent in ZIP 94121 has risen 23.6% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2020.

When is the cheapest time to rent in ZIP 94121?

Asking rents in ZIP 94121 are usually lowest in January, about 1.7% below their yearly trend, and highest in August, about 1.5% above it. At today's median that is a gap of roughly $144 a month. This pattern comes from 6 years of Zillow rent data.

How does ZIP 94121 compare to other ZIPs in California?

ZIP 94121 is one of the pricier among California ZIP codes for rent, ranking #58 of 898 at $4,486/mo. Over the year to September 2026, rent in ZIP 94121 changed +23.6%, against a typical +3.2% across the 819 California ZIP codes Zillow tracks.