Houston single-family lease prices climb to 'unprecedented' levels

While home sales slowed across all pricing sectors this June, lease prices climbed to an “unprecedented” level, according to the Houston Association of Realtors' June rental market report.

By the numbers

According to the report:

• Single-family leased listings rose 3.1% year-over-year, increasing from 4,225 to 4,358.
• The average single-family home rent price hit a record high of $2,373 in June, up 1.3% from last June.
• New single-family rental listings rose 8.5% compared to last June.

Townhouse and condominium rentals declined in June for the first time this year. Additionally:

• Townhouse and condominium leased listings were down 2.8% to 750 units this June, compared to 772 units last June.
• Rent for townhouse and condominium units dropped from $2,048 last June to $1,989 this June.

What they’re saying

“As potential homebuyers navigate uncertainties around interest rates, many are opting for the flexibility and affordability that rental properties offer,” HAR Chair Thomas Mouton said in the report.