Single-family home leases increased 16% year over year in June, reaching a record high of 4,211 leases compared to 3,631 in June 2022, as reported by HAR.
The average lease price for single-family homes also grew 2.9%, reaching $2,344. New listings of single-family rentals rose by 18.4% in June.
Further, days on market for single-family homes rose from 22 to 31 days year over year, staying on the market longer for an additional nine days.
Likewise, the townhome and condominium rental market saw leases climb 15.3% year over year in June, totaling 767 units leased compared to 665 the previous year.
The average lease price for townhomes and condominiums also reached a record high of $2,053, reflecting a notable 7.7% increase.
New listings in this segment increased by 6.4%, while days on market increased from 29 to 34 days, meaning townhomes and condominiums stayed on the market longer year over year by five days.
“The Houston rental market remains strong, and that’s a good place to be while consumers who really want to buy a home wait for more favorable economic conditions to do so,” HAR Chair Cathy Trevino said in the release. “For a while, single-family rentals were leading the way each month; however we are now seeing across-the-board interest in all rental property types.”
