ApartmentList.com says rent prices in Fresno dropped 2.2% between June and July.
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It is a small victory but at least the numbers are trending in the right direction.
Apartment List Senior Research Associate Rob Warnock says the price drop signals a slowdown in demand.
When it comes to rent increases, Fresno ranks 99th among the nation's biggest 100 cities.
Good to be at the bottom of that list.
"Growth has slowed a lot, which is obviously a welcome relief to anyone who's feeling the stress of affordability," says Warnock.
But the units may still be out of reach for many people because of previous price spikes.
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Fresno rent growth measured 4.5% over the past year.
But between 2020 and 2021 we saw an increase of 24.5%.
"It is the case that Fresno is a much more expensive city today than it was a couple of years ago and I think it's going to remain that way," says Warnock.
Warnock expects rent in Fresno to continue to rise but at a much healthier rate - perhaps at a pace we saw prior to the pandemic.
In addition to Fresno, rents are also dropping in cities like Reno and Spokane, which also saw an influx of new residents a year ago.