Fresno, CA Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Fresno's multifamily market held its position through Q4 2025, with vacancy at 4.7% and asking rents averaging $1,471 per unit, up modestly from $1,429 a year prior. Trailing 12-month absorption came in at 398 units, below pre-pandemic norms but consistent with a market where new supply has nearly dried up. Only 96 units were under construction as developers pulled back in response to rising costs and moderating rent growth. Cap rates edged down slightly to 6.36%, and sale pricing firmed to $151,377 per unit. Fresno's affordability relative to coastal California markets continues to anchor steady, if unspectacular, renter demand.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Fresno Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.