There was a surge in demand for single-family rental properties in May, according to the latest Houston Association of REALTORS® Rental Report.

Single-family home rentals increased by 17.4% year over year, with 3,987 leases signed in May. The average rent stayed statistically flat at $2,255. New listings of single-family rentals also rose by 14.8% year over year, while days on market grew to 34 days, meaning there’s enough inventory to meet demand.

“Houston’s rental market continues to be hot, which means some would-be homebuyers are still wary of the sales market,” said HAR Chair Cathy Treviño. “As inflation cools and housing prices continue to moderate, I believe we will see more renters shifting their focus towards homeownership.”