Single-family home rentals have increased 19.2% year over year, according to the Houston Association of REALTORS®’ August 2022 Rental Market Update.
A total of 3,639 leases were signed in August 2022, compared to 2,052 signed in August 2021. The report also found that the average rent rose 7.3% from last year to an all-time high of $2,313.
In addition to leased single-family rentals increasing, the number of available single-family rentals has also increased from 2021. Houston saw a 44.2% increase in new single-family rental listings in August, with 5,091 new rentals entering the market.
“Houston’s rental market remains strong with a healthy dose of new listings that hit in August, and that means those who have had to postpone their homebuying process have plenty of housing options available,” said HAR Chair Jennifer Wauhob. “We are seeing more activity among single-family leases versus townhomes and condominiums, but rents are up among both segments.”
Townhome and condominium rental rates remain close to 2021 levels, with a minimal year-over-year increase in leased listings.