(KSEE/KGPE) – Fresno has the highest rate increase in the entire United States, according to a 2022 article from the New York Times, something advocates say is mainly due to corporate landlords. But advocacy group Power California says other factors are causing the exponential price rise for rent in Fresno as well.
The report also noted that the Fresno area had the 12th most significant decrease in rental vacancy rate from 2022 to 2023, where it dropped from 5.1% to 2.9%. Data from the Census Bureau also shows that Fresno's vacancy rate is lower than the state (4.4%) and national (6.6%) vacancy rate.
With respect to rent caps, AB 1482 prohibits landlords from increasing rent by more than 5% plus “the percentage change in the cost of living” (CPI) over any 12-month period. AB 1482 also requires rents that have been increased by more than the allowed amount since March 15, 2019, to be rolled back on January 1, 2020.
Here's the nitty-gritty: You can bump up the rent by 5% every year, plus the local inflation rate (measured by the Consumer Price Index, or CPI). maximum increase of 10% per year, no matter how high inflation gets.
This shortage has led to intense competition for available rental units, giving landlords the upper hand in pricing their properties. As demand continues to outstrip supply, rents have naturally inclined upwards.
The cost of living in Sacramento is higher than the cost of living in Fresno. The Cost of Living Index in Sacramento is 121.6, which means that it is 21.6% more expensive than the national average of 100.
Here's the nitty-gritty: You can bump up the rent by 5% every year, plus the local inflation rate (measured by the Consumer Price Index, or CPI). maximum increase of 10% per year, no matter how high inflation gets.
Introduction: My name is Tish Haag, I am a excited, delightful, curious, beautiful, agreeable, enchanting, fancy person who loves writing and wants to share my knowledge and understanding with you.
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