Fresno rent prices continue to soar in August, report says

Over the past year, Fresno rent prices have grown 24.1%.
FRESNO, Calif. (KFSN) -- Rent prices continue to climb in Fresno, with the city seeing a 1.4% rise in August.

According to Apartment List, Fresno's median for a two-bedroom rental stands at $1,420.

In August, the average for a one-bedroom apartment was $1,141.

Over the past year, Fresno rent prices have grown 24.1%.

RELATED: How a Valley renter set herself apart in a crowded housing market

Fresno's rent for a two-bedroom is higher than the national average of $1,246, but it's still cheaper than other California cities.

Rent prices grew 12.4% nationwide over the past year. California also saw an increase of 8.7% since August 2020.

Officials with Apartment List said the growth is a symptom of booming demand clashing with a slim amount of vacancies.

RELATED: Looking to purchase a home? Experts give tips for getting a mortgage approval
EMBED More News Videos

While many families are eager to own their own home, not having a down payment and a good credit score is putting that dream out of reach.

Copyright © 2022 KFSN-TV. All Rights Reserved.