Houston’s single-family rental market offered renters the most plentiful supply of available listings of all time in August, with a record-high 10,000-plus active listings.

According to the Houston Association of REALTORS’® latest Rental Market Update, agents added 7,415 new SFR listings to the MLS during the month, a 19.9% increase year over year.

Meanwhile, renters signed 4,602 single-family leases, up 3.1% year over year. Prices were statistically flat for the second straight month, with an average rent of $2,412.

However, HAR Chair Shae Cottar said rental demand may taper if affordability continues to ease in Houston.

“Houston renters are in a strong position right now with more choices and stable lease prices,” Cottar said in a press release. “As mortgage rates continue to ease, we expect to see more renters exploring their dream of homeownership in the coming months.”

via HAR