Double-digit surge in new listings of single-family rentals.
The Greater Houston rental market showed significant growth in February amid evolving economic conditions. There is sustained demand for single-family rental homes as well as townhome and condominiums.
According to the Houston Association of RealtorS®’ February 2024 Rental Market Update, single-family home rentals rose 5.5 percent year-over-year, with the average rent up 2.7 percent to $2,211. A total of 3,402 leases were signed compared to 3,226 in February 2023. There was an 18.7 percent surge in newly listed single-family rentals, contributing to an already ample supply of available units. Days on Market, or the actual time it took to lease a home, increased from 40 to 41 days.
“More listings mean more choices for renters, making it easier for them to find a home that suits their lifestyle,” said HAR Chair Thomas Mouton with Century 21 Exclusive. “The steady rise in single-family rentals and modest rate increases show that renting remains a viable option for consumers who are still waiting to see what happens with interest rates this year.”
In February, there was an uptick in consumer interest in townhomes and condominiums available for rent. Leases of those properties increased 9.3 percent, with 578 units leased compared to 529 last February. Rents declined 1.5 percent to $1,873. New listings jumped 33.1 percent while the Days on Market increased from 43 to 47 days.
HAR’s new Rental Market Update is distributed the third Wednesday of each month, one week after the release of the monthly Sales Market Update. An archive of all these reports is available in the HAR Online Newsroom.
