San Francisco Rents Spike 22% in Year, Far Outpacing Rest of US

In San Francisco’s latest real estate boom, renters are paying cash up front, multimillion-dollar houses are selling auction-style and AI company stock can buy a sprawling hilltop estate.

It’s a reflection of the new wave of wealth from the artificial intelligence industry, leaving even well-paid newcomers scrambling for a place to live.

For Jenni Lee, a Chicago tech worker seeking to join her boyfriend in the Bay Area, finding an apartment has at times felt more difficult than getting a job. She has spent six months searching for a San Francisco rental, flying in for tours and repeatedly losing ...