The Houston rental market continues to draw demand as inflation and mortgage rates sideline potential homebuyers, according to the June 2023 Rental Market Update from the Houston Association of REALTORS® (HAR).
via HAR
Leases of single-family rental homes increased by 16% year over year, with the average lease price inching up 2.9% to $2,344. That’s a record high in the Bayou City.
New listings for single-family rentals also jumped 18.4% annually, while days on market increased from 22 days to 31 days. This indicates that supply is currently meeting demand.
“The Houston rental market remains strong, and that’s a good place to be while consumers who really want to buy a home wait for more favorable economic conditions to do so,” said Cathy Treviño, the 2023 HAR chair. “For a while, single-family rentals were leading the way each month, however we are now seeing across-the-board interest in all rental property types.”
Townhome and condominium sales also increased from last year, with 15.3% more leases of these types signed during June. The average leasing price rose to $2,053 — another Houston record.