The Houston single-family rental (SFR) market showed solid growth in April, with a robust supply for prospective renters, according to the latest Rental Market Update from the Houston Association of REALTORS®.

Leases of SFRs increased 3.8% year over year, with 3,762 units leased during the month. Meanwhile, the average rent price rose 3.1% to $2,285. In April 2023, the average SFR cost $2,216 per month.

New listings surged during the month, with 5,403 new listings added to the market. That’s a 27.4% increase year over year. The time it took to lease a SFR decreased slightly in April, from 36 days a year prior to 35 days.

“The Houston rental market continues to thrive in a unique balancing act,” HAR Chair Thomas Mouton said in the report. “While strong demand persists, the influx of new listings is providing renters with more options. The balance is welcomed as consumers remain cautious due to elevated interest rates, potentially delaying homeownership plans.”