Fresno is home to roughly half a million people and is the fifth largest city in California. As the economic center of the Central Valley, much of Fresno's economy is tied to large scale agriculture. Fresno remains one of the more reasonably prices cities in California and its cost of living is only 20 percent higher than the national average. Housing expenses is 45 percent higher than the national average, but much of this relates specifically to the real estate market. Apartment rentals are quite reasonable, depending on the renter's specific requirements and preferences. Further, the conversion of many residential properties into rental properties since the beginning of the financial crisis has put downward pressure on the cost of apartment rentals in Fresno.

Most of Fresno's multi-family apartment buildings and complexes were built in the 1960s and 1970s and though they are just basic apartments with no frills, a two bedroom, one bathroom apartment goes for an average of about $650 per month. Newer apartments are generally roomier, have better amenities, and are nicer but they cost almost twice as much. These newer units go for an average of $1,200 per month and are therefore difficult to rent because of how inexpensive the older apartments are. Nevertheless, Fresno's apartments have about a 5 percent vacancy rate, meaning that it is almost perfectly balanced between supply and demand.

Projected population growth and a near total lack of new apartment construction suggests that over the next decade there will be considerable pressure on the older, low cost apartments. However, these estimates fail to take into account the large number of formerly private residences that have been converted into rental properties since the beginning of the financial crisis. Many homeowners unable to sell their properties have converted them into rental units, so despite the lack of new apartment construction, the actual number of rental properties has significantly increased, putting further downward pressure of prices.