Hurricane Beryl had minimal impact on the Greater Houston rental market in July. Despite the storm and days-long power outages, leased listings remained steady.
According to the Houston Association of Realtors’ (HAR) July 2024 Rental Market Update, leased listings were statistically flat at 4,366 single-family home rentals. The average rent price climbed 2.6 percent to a new record high of $2,428 in July, topping the previous record of $2,377 in June 2024.
New listings increased 5.1 percent year-over-year in July compared to the same time last year. Days on Market, or the actual time it took to lease a home, increased to 31 days.
“While Hurricane Beryl certainly impacted our community and the housing market, its effects on the rental market were minimal,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “The market continues to experience robust activity with consistent demand, and there appears to be an adequate supply of rental properties throughout the Houston area to meet that demand.”
Townhome and condominium rentals rebounded in July. Leased listings rose 4.3 percent year-over-year to 744 units compared to 713 last year. Rent prices increased 4.3 percent to an average of $2,045. New listings were up 4.3 percent when compared to last July, while Days on Market increased to 40 days from 32 last year.
HAR’s 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.
