Number of renters increasing in Fresno, data shows

FRESNO, Calif. (KFSN) -- Over the past five years, the number of people renting an apartment or home in Fresno has increased 20%, according to the online apartment search website RentCafe.

Senior analyst Doug Ressler shared the team's findings.

"The buildings are older, so they're going to need more maintenance," he said. "But the people that inhabit them are also older, and so what we see is more boomers continuing to live in rental apartments."

Baby boomers are at least 59 years old.

Ressler says many of them are on fixed incomes, which makes it difficult in a city where rents continue to rise.

"The obvious question is why is that? And basically, it's the lack of supply with Fresno," he said.

Ressler says older renters are either downsizing or they can't afford to buy a home.

The latter option has become much more difficult with housing prices rising so high in recent years.

"What we also found was the fact to buy, just in the course of the last three years, based off what the interest rates are, the amount of down payment to buy a home has increased by 20%," Ressler said.

Ressler doesn't believe homebuyers will catch a break from those 8% mortgage rates anytime soon.

"What you're going to see is higher interest rates continuing out at least through 2025," he said.

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