FRESNO, Calif. (KSEE/KGPE) – Fresno has the highest rate increase in the entire United States, according to a 2022 article from the New York Times, something advocates say is mainly due to corporate landlords.
The report also noted that the Fresno area had the 12th most significant decrease in rental vacancy rate from 2022 to 2023, where it dropped from 5.1% to 2.9%. Data from the Census Bureau also shows that Fresno's vacancy rate is lower than the state (4.4%) and national (6.6%) vacancy rate.
The cost of living in Fresno, CA is 21% lower than the state average and 9% higher than the national average. Fresno, CA housing is 5% more expensive than the U.S average, while utilities are about 28% pricier.
The amount that a landlord can raise rent in California in 2023 will depend on the specific local inflation rate and the individual rental property. Under AB 1482, landlords are limited to increasing rent by no more than 5% plus the local CPI (inflation rate) or 10%, whichever is lower.
The vacancy rate measures the proportion of rental units that are unoccupied at a particular time and quantifies the dollar amount of rental income lost from unoccupied units throughout a certain time frame.
The amount that a landlord can raise rent in California in 2023 will depend on the specific local inflation rate and the individual rental property. Under AB 1482, landlords are limited to increasing rent by no more than 5% plus the local CPI (inflation rate) or 10%, whichever is lower.
The cost of living in Sacramento is higher than the cost of living in Fresno. The Cost of Living Index in Sacramento is 121.6, which means that it is 21.6% more expensive than the national average of 100.
Higher interest rates mean significantly larger monthly mortgage payments for landlords, a financial pressure that often finds its way to tenants in the form of higher rents. Property owners, facing tighter margins, have little choice but to adjust rental prices upwards to maintain their investments' viability.
Compared to other cities in California, Fresno has a lower cost of living, making it an attractive option for many people who want to enjoy the benefits of living in California without breaking the bank. Housing is one of the major areas where Fresno is more affordable than other cities in the state.
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