Fresno, CA Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

Fresno's multifamily market remains one of the most affordable in California, with average rents near $1,484 per month and vacancy at 4.6%, typically below national levels. Demand moderated in Q1 2026, with absorption totaling roughly 444 units over the past year, led by stronger performance in higher-quality assets, while elevated deliveries in the luxury segment pushed up vacancy even as mid-tier properties remained comparatively tight. Construction activity slowed significantly from prior peaks, reflecting higher costs, and overall rent growth eased to approximately 1.6%, with the market expected to remain stable with limited near-term upside in rents or values.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Fresno multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.