The Houston rental market was strong in May as prices remained stable and inventory grew, according to the latest Rental Market Update from the Houston Association of REALTORS®.

Renters leased 4,849 single-family units in May, up 5.2% from a year prior. The average lease price was $2,346, unchanged from last year, while days on market increased three days to 42.

“In today’s economy, many consumers are taking a more measured approach to major financial decisions, and renting remains an attractive option for some households,” HAR Chair Theresa Hill said in a press release. “For those choosing to rent, a growing supply of available homes is providing more choices and helping keep rental prices relatively stable.”

Among for-rent townhomes and condominiums, leased listings increased 8.2% year over year, with 749 leases signed; the average lease price increased just 0.5% to $2,007. New listings declined 3.2% to 1,100 and days on market increased by one week to 53 days.