Fresno-Clovis Multifamily Facing Challenge of Stricter Underwriting
The market is stable for now — but rent growth has moderated as costs rise.
The Fresno-Clovis apartment market has remained relatively stable in 2026, supported by continued renter demand, limited new construction and affordable rents.
However, the area isn't without its flaws. Rent growth has moderated, and investors have become more selective because of higher borrowing costs and stricter acquisition underwriting requirements.
According to Colliers, Fresno's average apartment rent was about $1,499 per month in the second quarter, representing annual growth of about 1.6%, while vacancy rose modestly to 4.7%.
Mid-tier properties have performed particularly well, with stronger occupancy and rent growth than some lower-quality and luxury properties.
Fresno County recorded just six multifamily property sales during the first half of 2026, compared with 24 transactions during all of 2025. Median pricing has declined about 4% year-over-year to $119,577 per unit.
Recently, Northmarq brokered the $6.65 million sale of Alamos Gardens, a 59-unit apartment community at 2205 Peach Ave. in Clovis. A Southern California family office traded it to MegaNova LP. Alamos Gardens was built in 1973.
Robin Kane, Northmarq's managing director, told GlobeSt.com that Clovis continues to appeal to renters seeking access to quality schools (with proximity to California State University, Fresno) and
major employers.
“Those location fundamentals helped support strong investor interest in Alamos Gardens and reflect the continued demand for well-located multifamily assets in the market,” Kane said.
Another notable transaction was the May sale of Sunset Sands Apartments, a 96-unit property at 4585 E. McKinley Avenue in Fresno, for $10.95 million to Bay Area-based SRI Cedar LLC. Additionally, Hampton Way Apartments, an 18-unit property, sold for $3.66 million.
Still, borrowers will have to keep navigating the new elevated cost landscape, with interest rate volatility continuing to persist. But for now, the Fresno-Clovis multifamily sector looks stable.
However, the area isn't without its flaws. Rent growth has moderated, and investors have become more selective because of higher borrowing costs and stricter acquisition underwriting requirements.
According to Colliers, Fresno's average apartment rent was about $1,499 per month in the second quarter, representing annual growth of about 1.6%, while vacancy rose modestly to 4.7%.
Mid-tier properties have performed particularly well, with stronger occupancy and rent growth than some lower-quality and luxury properties.
Fresno County recorded just six multifamily property sales during the first half of 2026, compared with 24 transactions during all of 2025. Median pricing has declined about 4% year-over-year to $119,577 per unit.
Recently, Northmarq brokered the $6.65 million sale of Alamos Gardens, a 59-unit apartment community at 2205 Peach Ave. in Clovis. A Southern California family office traded it to MegaNova LP. Alamos Gardens was built in 1973.
Robin Kane, Northmarq's managing director, told GlobeSt.com that Clovis continues to appeal to renters seeking access to quality schools (with proximity to California State University, Fresno) and
major employers.
“Those location fundamentals helped support strong investor interest in Alamos Gardens and reflect the continued demand for well-located multifamily assets in the market,” Kane said.
Another notable transaction was the May sale of Sunset Sands Apartments, a 96-unit property at 4585 E. McKinley Avenue in Fresno, for $10.95 million to Bay Area-based SRI Cedar LLC. Additionally, Hampton Way Apartments, an 18-unit property, sold for $3.66 million.
Still, borrowers will have to keep navigating the new elevated cost landscape, with interest rate volatility continuing to persist. But for now, the Fresno-Clovis multifamily sector looks stable.
Source: GlobeSt/ALM