A drone image from 2020 shows a large apartment complex in North Fresno.  The median <a class=market rate rent for an apartment in the city of Fresno was estimated at $1,329 per month in October 2022 — the fourth straight month of decline since rents peaked at a record high of $1,399 in June 2022.” title=”A drone image from 2020 shows a large apartment complex in North Fresno. The median market rate rent for an apartment in the city of Fresno was estimated at $1,329 per month in October 2022 — the fourth straight month of decline since rents peaked at a record high of $1,399 in June 2022.” loading=”lazy”/>

A drone image from 2020 shows a large apartment complex in North Fresno. The median market rate rent for an apartment in the city of Fresno was estimated at $1,329 per month in October 2022 — the fourth straight month of decline since rents peaked at a record high of $1,399 in June 2022.

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The average apartment rent in Fresno fell in October to a median of $1,329, the fourth straight month of decline after peaking at record highs in June.

The 0.2% drop reported by ApartmentList.com from the median September rent of $1,332 in Fresno was small, but lines up with a national trend of falling rents found by the research and data firm rental company based in San Francisco over the past few months.

“The past two months have marked a rapid cooling of the (domestic) market, but the timing of this cooling is consistent with a seasonal pattern that was typical of pre-pandemic years,” analysts at the company noted. “Going forward, rents are likely to continue to fall in the coming months as we enter the low winter season for the rental market.”

Despite month-over-month declines since the summer, rents in Fresno are higher than they were at the start of 2022. The overall median of $1,329 for all apartment types in October was about 2.7% higher than the $1,294 reported in January. For one-bedroom units, the median estimate in October was $1,050, compared to $1,022 in January. The median for two-bedroom apartments was $1,289 in October, down from $1,255 in January.

The median is the point at which half of the apartments were rented for more and the other half for less.

The median all-item rent in Fresno hit $1,399 a month in June, but has since dropped $70.

The rent data comes with an important caveat, however: leases for individual apartments can vary widely – not just between different areas of a community, but from one apartment complex to another and even from one unit to another within the same complex. ApartmentList’s data and analysis methodology does not include public or subsidized affordable housing for low-income renters.

Nationally, median rents fell an average of 0.7% between September and October, and rents fell in 89 of the 100 largest US cities included in the report. Analysts suggest that in addition to seasonal fluctuations, vacancy rates across the country have generally increased, causing upward pressure on rents to ease.

Fresno not only had the lowest median rent in October among California’s largest cities, but also the lowest price among 76 surveyed communities statewide, by a relatively wide margin. The highest price was in the seaside enclave of Marina del Rey in Los Angeles County, where rents topped $4,800.

For the 10 largest cities included in the analysis, median October rents were:

  • Los Angeles: $1,902 per month.
  • San Diego: $2,420 per month.
  • San Jose: $2,477 per month.
  • San Francisco: $2,268 per month.
  • Fresno: $1,329 per month.
  • Sacramento: $1,656 per month.
  • Long Beach: $1,711 per month.
  • Oakland: $1,666 per month.
  • Anaheim: $2,177 per month.
  • Santa Ana: $2,166 per month.

But just because market-rate rents are lower in Fresno than in other major California cities doesn’t necessarily mean they’re affordable for many renters in the area. About 60% of Fresno County renters are considered “rent-burdened” under federal guidelines because they pay at least 30% of their monthly gross income in rent and related utilities.

Earlier this year, in fact, Fresno saw the largest month-over-month percentage increase in median apartment rents among the 100 largest cities in the United States, ApartmentList reported.

This story was originally published November 6, 2022 5:30 a.m.

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Lifelong Valley resident Tim Sheehan has worked as a reporter and editor in the area since 1986 and has worked for The Fresno Bee since 1998. He is currently The Bee’s data reporter and also covers the California High Speed ​​Rail Project and other transportation issues. He grew up in Madera, has a degree in journalism from Fresno State and a master’s degree in leadership studies from Fresno Pacific University.
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