According to a June 21 news release from HAR, there was a notable increase in demand for single-family rental homes, townhomes and condominiums in May. Single-family home rentals saw a year-over-year growth of 17.4%, with 3,987 leases signed compared to 3,395 in May 2022, according to HAR data. The average rent remained relatively stable at $2,255.
Additionally, new listings for single-family rentals rose by 14.8%, but the days homes were on the market increased from 24 to 34 days, according to the release.
"Houston's rental market continues to be hot, which means some would-be homebuyers are still wary of the sales market,” HAR Chair Cathy Treviño said in the news release. “As inflation cools and housing prices continue to moderate, I believe we will see more renters shifting their focus towards homeownership.”
Consumer interest in townhomes and condominiums for rent surged in May as well, according to the release. HAR data shows leases for these properties rose 20.7% year-over-year. Matching single-family rental trends, the average lease price, the number of new listings and the days on the market all rose for townhomes and condominiums as well.
