The average lease price for a Houston single-family rental reached a record high of $2,373 in June — a 1.3% increase year over year — according to the latest Rental Market Update from the Houston Association of REALTORS® (HAR).

As prices reached all-time highs, the number of leased listings also rose 3.1% annually, with 4,358 leases signed compared to 4,225 in June 2023. Meanwhile, 6,698 new listings joined the rental market, an 8.5% increase year over year.

“Houston’s rental market was a bright spot in the housing market as home sales slowed in June,” HAR Chair Thomas Mouton said in the report. “As potential homebuyers navigate uncertainties around interest rates, many are opting for the flexibility and affordability that rental properties offer.”

Conversely, townhome and condominium rentals declined for the first time this year in June, with leased listings declining 2.8% and the average lease price dropping 2.9%, while the typical listing stayed on the market for 44 days. That’s nine days longer than last year.