Fresno rent prices drop, buck nationwide trend

FRESNO, Calif. (KFSN) -- Rents are up 1.3% nationally but that's not the case in Fresno.

ApartmentList.com says rent prices in Fresno dropped 2.2% between June and July.

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.

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.