Millennium Tower One-Bedroom Leases for Record $10,000

A 773-square-foot one-bedroom on the 23rd floor of San Francisco’s Millennium Tower has leased for $10,000 a month. Compass agents Sean Mamola and Trista Bernasconi, who handled the deal, say it is the first downtown one-bedroom lease they know of that cleared five figures a month. The tenant works in the AI industry and wanted a November 1 move-in date, according to Mamola. The unit had been asking $6,400 a month, cut from an initial $6,800, before the tenant paid above ask to secure it quickly.

Why it matters

For agents and brokers tracking the San Francisco luxury-leasing recovery, the deal reads as a pricing signal, not a one-off. Millennium Tower spent years as the market’s cautionary tale: the 58-story condo building, completed in 2009, sank roughly 18 inches and tilted roughly 29 inches, and banks would not lend against units until more than $100 million in foundation repairs wrapped in 2023. Mamola said the renter prioritized location over everything else: “This was all about a professional who knew exactly where they needed to be.” A $10,000 one-bedroom in that same tower suggests AI-sector housing demand is now pricing through stigma that previously discounted units even at steep markdowns.

The numbers

The unit asked $3,600 a month in 2022, per Zillow, before this fall’s listing opened at $6,800, was cut to $6,400, then closed at $10,000 on the AI tenant’s offer. That new rent is roughly triple the metro’s typical asking rent: San Francisco’s Zillow Observed Rent Index, which tracks asking rents across all home types, rose 11.8% year-over-year to about $3,445 a month as of September 2026. One lease does not set a new floor for downtown one-bedrooms, but it shows a formerly stigmatized building now commanding a premium rather than the discount it carried through the repair years.

What’s next

Mamola, who lists other units in the tower, said he still will not call the foundation fully fixed, a hedge worth tracking for brokers pricing nearby units against the same repair history. If AI firms keep adding headcount near downtown offices, agents expect more landlords in formerly discounted buildings to test five-digit asks on standout units rather than default to the markdowns that defined Millennium Tower’s recovery years.