A 11.8% drop in rents in SF probably still means a studio apartment rents for $8,000 a month.
$8000 per month for studio
My old house in the Sunset district of SF (1700 sq ft 4 bedrooms) shows a rental value of $4500 per month. Neighbors 3 years ago were paying $3500 for the same type place. the zillow home price shows a $14,000 value drop in the last month. The low end value estimate is the price we sold it for in 2016.