According to a May 9th Chronicle article
, the going rate for vacant San Francisco apartments averages $2,663 for all size units. Vacant studios now average $2,075 and vacant one bedrooms now average $2,611.
All vacant apartments in SF go for market rate, but rent increases on occupied units built before 1979 are limited to about 3% a year. According to the 2010 Census, 83.7% of housing units in SF were built before 1979 and 67.5% of all units are rental apartments. In short, most San Franciscans are not paying $2611 for a one-bedroom--but those who move into the city during this latest tech boom will have to pony up at least that much.
These 'high highs' of our boom-and-bust cycle are the nature of the beast. This is, after all, a city that was built by a gold rush and enriched by a silver rush.