The details
Leased listings rose 6.5% compared to July 2024, with a total of 4,645 single-family rentals leased in July this year, according to the report.
The number of new rentals available rose 36.5% compared to last year after Realtors added 7,869 new listings to the Multiple Listing Service, according to the report. Meanwhile, the average lease price dropped by 0.2% compared to July last year.
The report noted that year-over-year comparisons may be atypical due to the disruptive influence of Hurricane Beryl on real estate activity last July.
What they’re saying
“Increased supply is giving renters more options and helping to balance pricing,” HAR Chair Shae Cottar said in the report. “As mortgage rates continue to ease, some renters who’ve been sitting on the sidelines may finally feel ready to take steps toward homeownership.”
