I was trying to rent my 2 br (technically 1 br since 2nd br was large but didn't have closet) place in hayes valley and saw this happen nearly in the blink of an eye: I had a renter ready to go at $3,000/ mo in December, but foolishly turned him down because he needed it too quickly and I wasn't yet ready to move out. Then in January, a lot of people coming through kept mentioning how many 2 br's were out there, and I ultimately ended up renting it for $2650 after the applicant showed me several comps at lower prices.