Amid the first positive month of home sales in 19 months, the Houston rental market showed strong activity in November, according to the latest report from the Houston Association of REALTORS®.

Single-family rental leases rose 6.6% year over year, with 3,133 signed compared to 2,940 in November 2022. Meanwhile, the average lease price rose 5% to $2,200.

New listings of single-family rentals also rose 6.4%, expanding inventory to meet consumer demand while days on the market increased by four days, with the typical rental leasing in 36 days last month.

“The Houston rental market remains strong as we wrap up 2023 and has been the silver lining to a market that, throughout the year, posed inventory, affordability and mortgage rate challenges to many consumers,” HAR Chair Cathy Treviño said in the report. “There’s no saying what mortgage rates will do in 2024, but inventory of both resale and rental homes has grown considerably, so consumers will have ample selections available no matter which direction they choose to go.”

The townhome rental market fared similarly last month; leases increased by 9.7% while the average lease price increased by 3.1% to $1,849. New listings jumped 5.2%, while the typical townhome stayed on the market for 41 days, up six days from last year.