Rent Rising in Fresno and Clovis
A lot of Fresno and Clovis residents are having a hard time finding an affordable apartment lately. Fresno has a very low supply of apartments with very little construction to build new ones. When there is a low supply the demand goes up, and when demand goes up so does the cost of rent.
Since the economy is slowly getting better, more houses are being built than apartments, making apartments hard to find.
The rent in Fresno has slowly increased throughout the past thirteen months. In Fresno, it increased by 6.1% from July 2016 to July 2017. The median rent in July 2017 for a one bedroom apartment in 2016 was $810 per month and $1,010 for a two bedroom.
The rent increase in Clovis over the past year was even greater at 9%. A one bedroom apartment cost $980 per month and a two bedroom cost $1,240 per month. Visalia is experiencing similar increases with a 6.5% increase over the past year.
Fresno hasn’t been meeting housing demand. Data experts say that one new apartment unit should be added for every one to two new jobs. Fresno has been adding one new unit for every 3.3 new jobs from 2010 to 2015.
People looking for apartments are having to find roommates in order to afford their monthly payments.
Since rent is getting more expensive than mortgage payments, it may be time to start looking for a home to buy instead of an apartment to rent. There are programs in California that Fresno is a part of to help first-time home buyers afford a house.
The Homebuyer Assistance Program helps low to moderate-income families buy their first home by providing a 0% interest, deferred payment loan. The loan can’t exceed 20% of the purchase price of the home, and the home can’t exceed the price of $221,000 for an existing single family home or $228,000 for a new construction single family home. See if you qualify!