The median monthly rent price for an apartment in Fresno climbed by $28 last month, translating to an increase of just over 2% compared to January – the fourth largest month-to-month percentage increase in rent among the 100 largest cities in the U.S.

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February data from ApartmentList.com, a San Francisco-based apartment data and search company, indicates that across all market-rate apartment categories, from studio units to three or more bedrooms, the median rent price climbed from $1,308 in January to $1,336. The price was the highest it’s been in six months, matching the August median rent.

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The median is the point at which half of apartments were leased for more and half for lower prices.

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The largest month-over-month percentage increase in the nation’s 100 largest cities was the Ventura County city of Oxnard, where rents lurched higher by more than 3.1%, or a hike of $67 compared to January. Oxnard was followed by Boston, at 2.86%, and Wichita, Kansas, at 2.18%. Fresno’s percentage increase was 2.14%.

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Fresno was among more than 40 cities out of the 100 most populous in which the increase in median rent outpaced the national average.

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“After five consecutive months of rent declines, the national median rent price ticked up 0.3% in February, …” said Chris Salvati, a housing economist with ApartmentList. “This signals the start of the rental market’s annual upswing, and based on historical seasonal patterns we expect prices will continue to rise for several more months.”

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“But market conditions could prevent runaway rent inflation like we saw during the busy seasons in 2021 and 2022,” Salvati added.

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The median rent for a one-bedroom apartment in Fresno was reported at $1,056 and $1,296 for a two-bedroom unit. The ApartmentList data is based on market-rate apartments and does not include rent-subsidized units for low-income households.

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Compared to February 2022, the overall median rent for a Fresno apartment last month was $48, or 3.73%, higher. And since before the start of the COVID-19 pandemic in the spring of 2020, rents in Fresno are an average of $277 more, or 26.16%, compared to February 2020.

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The bigger picture

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Nationally, “this month’s data suggests that we’re beginning to see a mild rebound in rental demand, following a particularly slow off-season to close out 2022,” ApartmentList researchers reported. “That said, the surging rent growth that we saw in 2021 and the first half of last year should still be solidly behind us.”

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“Even if demand continues to strengthen, a robust supply of new inventory hitting the market this year should keep prices in check,” the research team added. “It looks like 2023 is shaping to be a year of modest positive rent growth.”

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While ranking fourth nationally in the one-month percentage increase, Fresno also was atop the rankings for the percentage increase among the largest California cities included in the ApartmentList data, even as it boasted the lowest median rent on the list.

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• Fresno: Median February rent of $1,336, up 2.14% or $28 from January 2023.
• San Jose: Median February rent of $2,304, up 1.22% or $29 from January 2023.
• Oakland: Median February rent of $1,623, up $0.43% or $7 from January 2023.
• Los Angeles: Median February rent of $1,879, up 0.16% or $3 from January 2023.
• San Francisco: Median February rent of $2,176, up 0.05% or $1 from January 2023.
• San Diego: Median February rent of $2,336, unchanged from January 2023.
• Long Beach: Median February rent of $1,660, down 0.48% or $8 from January 2023.
• Anaheim: Median February rent of $2,218, down 0.85% or $19 from January 2023.
• Sacramento: Median February rent of $1,604, down 0.87% or $14 from January 2023.
• Santa Ana: Median February rent of $2,124, down 0.89% or $19 from January 2023.