ZIP 94123
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 94123 usually run 1.1% below trend in December and 1.6% above it in September, about $146 a month apart at today's median. Based on 10 years of data.
Rent in ZIP 94123 is at its highest level since Zillow's records here began in May 2016.
Rent in ZIP 94123 changed +29.7% over the year to September 2026. Across the 819 California ZIP codes Zillow tracks, the typical change was +3.2%.
From 2019 to 2024, rent in ZIP 94123 rose 4.3% while median household income rose 34.8% ($162,206 to $218,603). Income kept ahead of rent.
Rent in ZIP 94123 is 56.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 24 months in a row, and rose in 12 of the last 12 months.
30% of the median household income ($218,603) is $5,465 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($4,580); a 3-bedroom is $5,850.
18th cheapest of 22 ZIP codes in San Francisco.
ZIP 94109, 1 mile away, rents for 23% less ($4,154/mo), about $15,100 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 94123. 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.
Who lives here
ZIP 94123 (San Francisco, CA) is majority renter-occupied, skews toward younger working-age adults, has a median income above the national average, 83.9% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 94123 in San Francisco, CA has changed in 5 years
Across the past five years, the going rent in ZIP 94123 in San Francisco, CA has shifted from $3,090 to $5,415, up 75.2% since 2021. Local incomes tracked alongside that move, going from a median of $194,098 in 2021 to $218,603 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 94123 in San Francisco, CA losing about 1,948 residents over the five-year window, down 7.5% on net. The renter share has eased from 71.4% to 69.6%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 86.5% to 83.9% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 94123 in San Francisco, CA market of 2021.
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Tips for renters in ZIP 94123
Last updated: October 17, 2026
ZIP code 94123 covers San Francisco, CA. The median rent here is $5,415/mo as of October 2026. A 1-bedroom rents for a median of $3,780/mo. A 2-bedroom rents for a median of $4,580/mo.
At 30% of local median household income ($218,603/yr), ZIP 94123 ranks as moderate compared to the national benchmark of 30%. Rents have increased 29.7% over the past year.
Frequently asked questions
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At $5,415/mo, rent takes ~30% of ZIP 94123's median household income ($218,603/yr). The standard benchmark is 30%.
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