More Houstonians are opting to rent, data from the Houston Association of REALTORS® (HAR) shows. Even with the rentals climbing, though, there is a surplus of homes to meet ongoing demand. 

Single-family home rentals rose 4.3% year over year during October 2023. Meanwhile, 9.8% more home rentals added to the market and the time it took to lease a home increased from 29 to 32 days.  

At the same time, average lease prices rose to 2.2% to a total of $2,231.  

“Homes for lease remain a big draw for consumers who are unwilling to make a purchase with mortgage rates sitting where they are right now,” HAR Chair Cathy Treviño said. “Single-family leases have been strong throughout 2023 while townhome and condominium leases have been less consistent.” 

In October, the townhouse and condominium rentals slowed, with 523 units leased compared to the 521 the year prior. New listings on the market rose 9.1% while days on the market increased from 33 to 37 days. The average lease price for those homes also rose to .7% to a total of $1,913.   

Pre-pandemic perspective 

In October 2019, there were 2,877 single-family home rental leases signed. At that time, the average rent was $1,796. Now, it’s 24.2% higher.  

Among townhouse and condominium rentals, the price increase is similar. Today, those cost 24.1% more than the average October 2019 rate of $1,541.