Demand for single-family rental homes reached unprecedented numbers in Houston during July, according to the latest Rental Market Update from the Houston Association of REALTORS®. Townhomes and condominiums were also in high demand from renters during the month.

Leases of single-family homes jumped 19% to 4,596 during the month — the highest volume ever recorded in Houston. Despite this uptick in leasing activity, an 11.6% increase in new listings meant that supply could actually meet demand. Days on market increased by eight days, with the average single-family rental leasing from the market in four weeks.

The average lease price, meanwhile, rose 3% year over year to $2,363.

“Rental homes remain hot property in Houston as prospective buyers continue to take a wait-and-see approach to a home purchase, with ongoing concerns about affordability and interest rates,” said HAR Chair Cathy Treviño. “A rental home gives consumers the look and feel of homeownership without the mortgage obligation, and more importantly, it provides them with critical housing until they consider market conditions suitable to buy.”

Leasing activity for townhomes and condominiums also increased year over year, with a 3.9% increase in both signed leases and new listings. The average leasing price for these rentals rose 2% to $1,963.