Fresno Rent Hikes Hit ‘Top 5’ in U.S., Industry Data Shows
Apartment seekers in Fresno continue to feel the pinch of higher rents despite a slowdown in increases across the country.
That’s according to apartment search website Zumper, which ranked Fresno among the Top 5 markets for rising rents in June.
Fresno came in just below Norfolk, VA for the highest month over month average rent increase. Zumper said one-bedroom rent in Fresno rose by 6.3% in June to an average of $1,520. That pushed Fresno rents up 25.6% over the previous year, according to Zumper’s data.
The average rent for a two-bedroom apartment in Fresno jumped by 5% in June, according Zumper, resulting in an annual rent jump of just over 15%.
Other cities on the “Top 5 risers” list for one-bedroom units include Chicago (also up 6.3%), El Paso (up 6.2%) and Henderson, NV (up 6.1%).
For many other cities, however, the news was brighter.
“Zumper’s National Index signals a long-awaited slowdown in the shocking price hikes over the last year,” the website reports. “Median one-bedroom rent is up 0.5 percent over last month–yet another all-time high, but also a much more reasonable growth rate than the one to two percentage point increases that became the norm during the height of the pandemic.”
On the site’s survey of 100 apartment markets overall, Fresno ranks No. 31 for most expensive rents, worse than cities including Dallas, Phoenix and Las Vegas. Zumper’s data showed Fresno moving 5 positions higher on the list compared to the month of May.
Average rents in number of other California cities, however, far outpaced those in Fresno. They include Sacramento, with an average one-bedroom rent of $1,600 (ranked #24 ), San Diego (ranked #7 with average rent of $2,300), and San Francisco (ranked #2 with average monthly rent of $3,000).
The top spot for most expensive rent in the country in June remained unchanged, going again to New York City. While monthly rent in The Big Apple increased just three-tenths of a percent, it pushed the average for a one-bedroom unit to $3,600. Year-over-year, rents in NYC increased by a whopping 40.1%.