If you’re a Fresno renter struggling to pay rent, you’re not alone. Rents continue to skyrocket, according to the latest figures from online rental platform Zumper. Median rent for a one-bedroom apartment in Fresno is $1,500 a month. That’s a stunning 30.4 percent increase over the last year.
Rent inflation has impacted larger rental units as well. Median rent for a two-bedroom unit in Fresno is now $1,770 per month. This represents an increase of 4.2 percent in the last month alone and 29 percent over the last year.
Median rent for a three-bedroom apartment in Fresno is $2,198, which is a 28 percent increase over last year. To put this into perspective, this means if you’re renting a three-bedroom unit, you’ll have to pay $480 per month more this year compared to what you paid last year.
Unaffordable rent impacts minimum wage workers and those on fixed incomes
According to the National Low Income Housing Coalition (NLIHC), a minimum wage worker in Fresno earning $15 an hour doesn’t make enough money to afford rent on a one-bedroom apartment. You need to make $17.38 an hour to afford a one-bedroom apartment in Fresno and $21.87 an hour to afford a two-bedroom unit.
This assumes that the renter spends no more than 30 percent of household income on rent. This is a common rule-of-thumb many housing advocates say is required for a household to have enough money each month for other life essentials, such as food, transportation, and utilities. If a household spends more than 30 percent of their income on rent, then their rent is considered unaffordable.
Lack of housing affordability is an even bigger problem for some renters on fixed incomes. According to the NLIHC, people on a Supplemental Security Income (SSI) fixed income in Fresno receive an average of $1,002 a month. This makes most housing options available to them unaffordable without additional government assistance.
Have you been struggling to pay rent in Fresno’s inflated rental market?
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