Lee & Assosciates 2025 Q3 Fresno CA Multifamily

Market Overview

‍In Q3 2025 the Fresno CA multifamily market continued to show strength through its affordability moat and stable occupancy. Vacancy remained low, near 4–5%, reflecting tight conditions despite modest rent increases of around 1–2% year-over-year. New construction activity remains minimal compared with earlier peaks, helping to preserve balance. Demand is concentrated at higher-quality product, while older units face rising competition. Overall, the market is stable with moderate upside rather than accelerating growth.

‍About Lee & Associates

‍Lee & Associates is a North America-wide commercial real estate advisory firm offering research, brokerage, consulting and investment services. Their quarterly multifamily market reports compile detailed metro-level data on rents, vacancy, absorption, deliveries and pipeline activity to help owners, developers and investors monitor local market conditions and timing strategies. To read the full report, click here.