Fresno, CA Multifamily Market Report | Colliers | Q4 2025

Market Overview

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Fresno's multifamily market held steady in Q4 2025 with an overall vacancy rate of 4.6% and average asking rents rising to $1,477 per unit, up 1.9% year-over-year. With just 96 units under construction and annual deliveries of 499 units, supply remains tightly controlled. Investment activity rebounded meaningfully in 2025, pushing annual sales volume above $200 million after a subdued 2024 near $120 million, as pricing adjusted and bid-ask spreads narrowed. Fresno's relative affordability continued to insulate the market from the tenant resistance seen in higher-cost California metros, with performance increasingly driven by operational discipline and asset quality rather than rent growth alone.

‍About Colliers

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Colliers is a global real estate advisory and investment management firm serving owners, operators, and investors across major U.S. markets. Their Q4 2025 Fresno multifamily report tracks vacancy, rents, absorption, deliveries, and investment activity by submarket to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.