The details
The report found that the demand for single-family rental homes remained virtually unchanged, with 3,119 leases in November 2024 compared to 3,126 the previous year.
Although the average lease price remained stable at $2,232 in November 2024, the report revealed that new listings for single-family homes increased by 9.8% compared to last year. According to the report, Houston saw 5,078 new rental properties added to the Multiple Listing Service, a database real estate professionals use to share information about properties for sale or rent.
Additionally, the report found that the average time to lease a home increased to 37 days from 36 days last November.
The stability of the rental market was driven by ongoing consumer reluctance to purchase homes due to fluctuating interest rates, according to the report.
The townhome and condominium rental market experienced a slowdown for the second time in 2024.
According to the report, townhome and condominium leases dropped by 8.7% compared to November 2023, with 473 leased listings. The average lease price rose 4.9% to $1,942.
New listings for townhomes and condominiums fell 5.3% year-over-year, from 871 units last November to 825 in November 2024. The average leasing time held steady at 42 days, the report found.
“The Houston rental market’s steady performance highlights its adaptability to changing market conditions as mortgage rates fluctuate,” HAR Chair Thomas Mouton said in the report. “Renting continues to be a practical solution for consumers who are hesitant to buy due to volatile rates.”
