Apartment rents dip in Fresno County. How do they compare to other California counties?
The average rent on a new apartment lease in Fresno County trickled slightly lower last month compared to August, representing the third straight month of retreat after hitting record levels in June.
Data from ApartmentList.com indicates that the overall median rent, regardless of apartment size, was $1,313 per month in September. That’s down a mere $3 from the August estimate of $1,316.
But it’s also $44 cheaper than the record $1,377 per month reported in June by ApartmentList – a drop of almost 4.7% over the course of three months.
The data comes with an important caveat, however: Leases for individual apartment units can vary widely – not only between different areas of the city or between communities in a county, but from one apartment complex to another and even from unit to unit within the same complex. The ApartmentList data and analysis methodology does not include public or subsidized affordable housing for low-income renters.
The slight month-to-month drop in rents pales compared what has taken place since the start of 2020, just before the COVID-19 pandemic struck the region and the nation.
In January 2020, the median rent in Fresno County was estimated at $1,029 per month, and September’s average was almost 28% higher than that point. A year ago, the median Fresno County rent was estimated at $1,308 per month.
What’s happening in Fresno County generally reflects nationwide trends, as well. “The recent slowdown has been geographically widespread,” according to the recent ApartmentList rent report. “Rents decreased this month in 69 of the nation’s 100 largest cities in September, and eight additional cities experienced flat month-over-month rent growth.”
“In the coming fall and winter months, we expect rental activity will continue to slow and we are likely to see continued modest price decreases to close out the year,” the analysts predicted.
The rental market in Fresno County continues to compare favorably in price to counties in more urbanized and coastal areas of California. The ApartmentList data includes 19 of the state’s 58 counties, and Fresno’s median rent was the lowest of the lot. Among the 10 most-populous counties, the median in Fresno was almost 30% lower than Sacramento County, the second-lowest market.
Those populous county rent breakdowns, from most expensive to least expensive, are:
- Orange County: $2,658 per month.
- Santa Clara County: $2,610 per month.
- San Diego County: $2,435 per month.
- Alameda County: $2,137 per month.
- Contra Costa County: $2,121 per month.
- Riverside County: $2,095 per month.
- Los Angeles County: $1,952 per month.
- San Bernardino County: $1,870 per month.
- Sacramento County: $1,699 per month.
- Fresno County: $1,313 per month.
