The Houston single-family rental (SFR) continued an ‘upward trend’ in May, according to the latest Rental Market Update from the Houston Association of REALTORS® (HAR).
Leases of SFRs increased 6.7% year over year, with 4,262 properties leased during last month. Meanwhile, the average rent price rose 3.8% to $2,345, matching the second-highest SFR price on record from last August.
New listings also kept available inventory high for prospective renters. Landlords listed 5,694 new SFRs on the market in May, an 18.9% increase year over year.
“The Houston rental market shows no signs of slowing down,” HAR Chair Thomas Mouton said in a press release. “While rising interest rates and home prices may be causing some people to delay their homeownership plans, renters are benefitting from a robust selection of single-family homes available for lease.”
Despite the increase in overall leased listings, the average SFR stayed on the market one day longer last month, up from 34 days in May 2023.