As of July 2024, the average rent in Fresno, CA is $1,243 per month1. This figure is below the national average of $1,5351. In Fresno, the average apartment size is 685 square feet1, offering residents more space than in many other locations. Studio apartments in Fresno rent for about $948 per month1 at 428 square feet. One-bedroom apartments match the city's overall average rent of $1,2431. For two bedrooms, the cost is $1,436, and three-bedroom apartments start at $1,854 or more1.
The Fresno rental scene provides a good balance of affordability. People living here should aim to make around $4,143 a month, which adds up to $49,716 a year. This is to ensure they spend no more than 30% of their earnings on rent1.
Key Takeaways
- The average rent in Fresno, CA stays well under the national figure1.
- Fresno's apartments offer more room, with an average size of 685 square feet1.
- Studio apartments are the most budget-friendly, costing $948 monthly1.
- To be comfy in Fresno, one should target an annual income of around $49,7161.
- When compared to other major California cities, Fresno's rental market is quite reasonable1.
Understanding the Average Rent in Fresno, CA
Looking into Fresno's average rent shows how the housing market is doing. It helps renters and property investors understand what's happening.
A Yearly Breakdown
Last year, Fresno's average rent went up by 2.2%. This means rent went up about $28 a month. Fresno rent increase shows how housing needs and the economy are changing1.
Historical Rent Trends
Fresno has been more affordable than many big cities. Historical rental prices Fresno show rents that fit many budgets. Right now, the average monthly rent in Fresno is $1,243 for a 685 Sq Ft apartment1.
These apartments often have pools and gyms. This makes them more attractive places to live2.
Factors Affecting Rent Prices
Many things affect Fresno's rent prices. An analysis of the Fresno housing market shows the economy, available rental properties, and changes in who is living there matter a lot1.
The city’s rentals are a mix of new and old buildings. This shows growth. Features like laundry and air conditioning also push up demand Fresno housing market analysis2.
Current Average Rent Prices by Apartment Type in Fresno, CA
Fresno has a variety of rental options to fit everyone's needs and budgets. Knowing the current average rent for each apartment type can help you choose wisely. Here's a breakdown.
Studio Apartments
In Fresno, a studio averages $948 a month for about 428 square feet1. Studio apartments are good for those wanting smaller spaces and staying budget-friendly. Some studios in the Tower District are even cheaper, going for around $450 a month3.
One-Bedroom Apartments
A one-bedroom in Fresno goes for around $1,063 monthly3. This is close to Fresno's overall average rent of $1,345 a month3. One-bedrooms strike a good balance of space and affordability, preferred by singles and couples.
Two-Bedroom Apartments
Two-bedrooms in Fresno cost about $1,305 every month3. They offer more room for families or roommates. The higher price reflects the extra space and amenities that come with two bedrooms.
Three-Bedroom Apartments
Three-bedrooms are priced at roughly $1,854 a month in Fresno1. They fit larger families or those who need more space. The size and features of these apartments explain the higher rent.
To learn more about Fresno's rental trends and different areas, check out this resource for detailed information1.
Rent Increases in Fresno, CA Over the Past Year
Fresno has seen a modest rise in rent over the last year. The median rent for an apartment went up by $28 last month. This is a 2.14% increase from January 2023, placing Fresno among California's top cities for rent hikes4. Yet, Fresno's rents fell by 2.8% over the past year5.
Percentage Increase
Since January, Fresno's median rent has been on the rise. It went from $1,308 to $1,336 in February across all apartment types4. This marks a month-over-month growth of 2.14%, showing Fresno's housing market is strong4. This growth exceeds the national rent rise of 0.3% in the same timeframe5. These trends show how Fresno's rental landscape is changing.
Impact on Different Apartment Types
Rent increases in Fresno vary by apartment type. A one-bedroom now goes for $1,056, and a two-bedroom for $1,2964. Meanwhile, the market-wide median for one-bedrooms was $1,033, and for two-bedrooms, $1,274, showing the differences5. As they look for homes, renters must watch these trends closely.
Larger apartments are likely seeing bigger rent jumps due to higher demand. The whole median rent in February 2023 was up by $48 from last year, a 3.73% increase4. This points out why staying updated on Fresno's rent changes is crucial for those planning to move.
For more on Fresno's rental market, check out the detailed rent report at Apartment List's website5.
The Most Affordable Neighborhoods in Fresno, CA
Fresno, California, has diverse places to live, especially if you're on a budget. City Center, Huntington, and McLane are top picks for affordability.
City Center
Looking for cheap apartments in Fresno? City Center has lots. The rent for a studio apartment here is about $1,042 a month1. It's in the heart of the city, giving you easy access to shops, restaurants, and services.
Huntington
Huntington is great for saving money and living well. It's loved for its low living costs and close schools and parks. Here, a one-bedroom costs about $1,242 a month1. It's an excellent pick for renters who want a good deal in Fresno.
McLane
McLane is another neighborhood with good prices. The average rent for a one-bedroom is $1,1256. Homes here sell for around $378,135 on average6. That makes McLane a smart choice for those looking for affordable homes.
For more info on Fresno's affordable areas, click here. You'll find a full ranking of budget-friendly spots6.
The Most Expensive Neighborhoods in Fresno, CA
Fresno, CA, has neighborhoods known for luxury living. Places like luxury apartments Fresno are in demand for their amenities. Woodward Park, Van Ness Extension, and North Fresno are the priciest areas. They offer unique perks and have the highest rents in Fresno.
Woodward Park
Woodward Park is known for green spaces and luxury. Its rentals reflect the high demand for plush living. A one-bedroom apartment costs about $1,450 monthly. Two-bedroom places go for around $1,725. People love it here for the peace and the huge parks. Learn more about high-end Fresno neighborhoods7.
Van Ness Extension
This area is famous for grand homes and beautiful landscapes. Homes here can sell for around $660,000. It shows the luxurious living you can find. Here, rentals match the luxury, but specifics are rare. Expect to pay top dollar in this Fresno sector6.
North Fresno
North Fresno stands out for blending elegance with modernity. You'll find varying rent prices here, often above Fresno's average. It's sought after for its great schools and shopping. Thus, it suits both families and professionals well7.
To dive deeper into Fresno's rental scene and these exclusive neighborhoods, check this link. You'll find lots on rental costs, sales prices, and what makes these areas special7.
Comparing Fresno, CA to Nearby Cities
When looking at Fresno and its neighbors, you must check out rent prices and living costs. Seeing how rent varies in Central California offers interesting findings.
Rent Prices Comparison
In Fresno, the median rent is $1,305, making it the #72 most expensive large US city5. The average rent in Fresno is a bit less, at $1,243 monthly1. The rent in Fresno has gone down by 1.3% in early 20245.
Cities like Columbus, OH, and Boise, ID, have rent close to Fresno's5. For cheaper options, 34% of Fresno's rentals are between $700 and $1,000 a month1. You can find prices for 1-bedroom and 2-bedroom apartments in Fresno here.
Cost of Living Considerations
Comparing Fresno with other places shows different costs. For example, Fresno has groceries that are 6% more expensive than the US average. The cost for transportation and utilities is also higher by 30% and 27%, respectively. The median rent here is about $1,305 monthly5.
The average rent for a studio apartment in Fresno is $948, offering a cheaper way to live1. When thinking about Fresno and other cities, remember these various expenses. It helps in understanding the full financial scenario. Also, 17% of Fresno's rentals are under $700, giving budget-friendly choices1.
Understanding Rent Affordability in Fresno, CA
In Fresno, knowing about rent affordability is key. It looks at income and other costs of living. The average rent is $1,243 a month. Renters should earn about $4,143 a month to live comfortably. Sadly, 60% of Fresno renters spend more than 30% of their pay on rent. This puts Fresno as one of the top 20 cities with the highest rent burdens8.
Income Requirements
Using tools like a Fresno affordability calculator helps manage your budget. Fresno's rent prices are going up fast. For example, rent for a one-bedroom went up 28% from January 2021 to January 2022. Two-bedroom rents jumped almost 27% in that time. Fresno is now in the top 10 U.S. cities for rent hikes8. This makes tools for budgeting even more important for those looking to rent.
Additional Living Costs
Besides rent, living in Fresno has other costs. Things like utilities, food, getting around, and healthcare all add up. With the median rent for a one-bedroom at $1,400 and two-bedroom at $1,700 as of January 20228, these costs can stretch your budget. So, planning money wisely is crucial for anyone in Fresno.
To tackle Fresno's high living costs, tools like the Fresno affordability calculator are essential. They help understand the income needed for rent. They also aid in planning for other expenses. For more info, check this article from Fresnoland here8.
Trends in Fresno's Rental Market
Right now, Fresno's rental market is showing important trends. These give us a look into where housing is heading. In Fresno, you can find a variety of places to rent. Areas like North Fresno, Woodward Park, and West Fresno have lots to choose from.
Available Inventory
Homes in Fresno don't stay listed for long, averaging about 8 days on the market9. The city has about 1.9 months' worth of rental homes ready for new tenants, keeping the market moving fast9. But, we're seeing fewer rentals available than ever, making it tough for people at all income levels to find places10. This issue got worse when the number of permits for new apartment buildings dropped by 45% from 2021 to 20229.
Future Rental Market Predictions
Experts think Fresno's housing market will keep growing, which might push up rent prices. Over the last decade, Fresno's real estate value went up by nearly 127%, with an average growth of 9% a year9. Also, rent has risen by almost 39% in just four years10. The future looks bright with expected continued growth, thanks to persistent market demand and upcoming developments.
However, even with a need for more rentals, builders are wary. This is due to Fresno's up-and-down farming economy and higher jobless rates9. This situation suggests that even with strong demand, the number of new apartments might not rise quickly. This affects how many apartments are available in Fresno.
Conclusion
Renting in Fresno has lots of options for everyone. This guide shows how rent prices change in different areas. Though rent has gone up a bit, Fresno is still more affordable than many other places11. It's important to know that many people in Fresno rent. A typical family spends at least 30% of their income on rent12.
When looking for an apartment in Fresno, some areas are more expensive. Woodward Park and Van Ness Extension cost more. But places like City Center and McLane are easier on your wallet. Knowing about Fresno's rental trends helps in finding a good place.
To choose wisely where to rent in Fresno, you need to do your homework. Fresno's job market is growing. In the last year, it went up by 2.1% - that's the best in eight years11. With the right tools and planning, you can find a great apartment. Make sure it fits your budget.
FAQ
What's the average rent in Fresno, CA?
As of July 2024, renting a place in Fresno, CA, will cost you $1,243 each month. This is less than the U.S. average of $1,535.
What is the average apartment size in Fresno?
The usual apartment in Fresno spreads over 685 square feet.
How much does it cost to rent a studio apartment in Fresno?
In Fresno, a studio place is typically $948 per month. It gives you 428 square feet of space.
What income is needed to afford rent in Fresno?
To comfortably afford a $1,243 rental in Fresno every month, one should earn about $4,143 monthly or $49,716 a year.
How has the rent in Fresno changed over the past year?
Over the last year, Fresno's average rent went up by 2.2%. That means renters pay around $28 more each month now.
What are the most affordable neighborhoods in Fresno?
The places in Fresno that won't break the bank include City Center, Huntington, and McLane.
Which neighborhoods in Fresno are the most expensive?
If you're looking at pricier areas, check out Woodward Park, Van Ness Extension, and North Fresno.
How do rental prices in Fresno compare to nearby cities?
Compared to its neighbors, Fresno's rental prices are quite a bargain.
What are the additional living costs in Fresno besides rent?
Living in Fresno means paying more for groceries, transport, and utilities. They are 6%, 30%, and 26% more than the national averages.
How is the inventory of rental properties in Fresno?
In Fresno, you'll find plenty of rentals in North Fresno, Woodward Park, and West Fresno. More could be on the way with new building projects.
Source Links
- Average Rent in Fresno, CA - Latest Rent Prices by Neighborhood - https://www.apartments.com/rent-market-trends/fresno-ca/
- Apartments for Rent in Fresno, CA - 225 Condos & Other Rentals | Zumper - https://www.zumper.com/apartments-for-rent/fresno-ca
- 100 Best Apartments For Rent In Fresno, CA (with pictures)! - https://www.apartmentlist.com/ca/fresno
- How fast did Fresno apartment rents rise in February? Faster than most big U.S. cities - https://www.fresnobee.com/news/local/article272641441.html
- Average Rent in Fresno, CA & Rent Price Trends - https://www.apartmentlist.com/rent-report/ca/fresno
- 11 Popular Fresno, CA Neighborhoods: Where to Live in Fresno in 2024 - https://www.redfin.com/blog/fresno-ca-neighborhoods/
- Top 10 Most Expensive Places To Live In Fresno, CA | Flyhomes - https://flyhomes.com/rankings/fresno--ca/expensive
- Fresno tops national list for highest rent increases. See how much they’ve spiked - https://www.fresnobee.com/fresnoland/article258073823.html
- Insights on the Up-and-Coming Fresno Real Estate Market - https://www.limaone.com/investing-in-fresno-california-real-estate/
- The nation's hottest housing market? Surprise — it's Fresno - https://www.latimes.com/homeless-housing/story/2021-03-31/fresno-rent-spike-taps-into-california-covid-housing-trends
- Analysis of the Fresno, California Housing Market - https://www.huduser.gov/publications/pdf/CMAR-Fresno.pdf
- Craig School of Business at Fresno State - https://craig.fresnostate.edu/gazarian/research/rvi.html
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