The single-family rental market remains strong in Houston as would-be homebuyers wait for mortgage rates to ease, according to the latest report from the Houston Association of REALTORS® (HAR).

Single-family rentals rose 0.5% in January, with 2,960 listings leased during the month. Meanwhile, the average lease price rose 2.5% to $2,225. A year ago, the average lease was $2,170.

“We are seeing a steady demand in Houston’s rental market as some prospective homebuyers are still choosing to hold off on making a move until mortgage rates come down,” HAR Chair Thomas Mouton said in the report. “For now, there appears to be an adequate supply of rental properties throughout the Houston area.”

New listings also increased by 5.2% last month, with 4,881 single-family rental properties added to the MLS. Average days on market stayed flat at 41 days.