Consumers kept up their demand for single-family rental homes in November as uncertainty about interest rates continued to impact potential homebuyers.
According to the Houston Association of Realtors’ (HAR) November 2024 Rental Market Update, leased listings were statistically unchanged with 3,119 single-family home rentals recorded in November compared to 3,126 during the same time last year. The average lease was also relatively flat at $2,232.
The market continued to see an uptick in new listings, with 5,078 single-family rental properties added to the Multiple Listing Service (MLS), representing a 9.8 percent increase year-over-year. Days on Market, or the actual time it took to lease a home, edged up to 37 days from 36 days last November.
“The Houston rental market’s steady performance highlights its adaptability to changing market conditions as mortgage rates fluctuate,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “Renting continues to be a practical solution for consumers who are hesitant to buy due to volatile rates.”
For only the second time this year, the townhome and condominium rental market experienced a slowdown. The number of leases declined 8.7 percent compared to last November with 473 leased listings. The average lease price rose 4.9 percent to $1,942.
On a year-over-year basis, the number of new listings for townhomes and condominiums dipped 5.3 percent to 825 units compared to 871 last November. The average time it took to lease one of these properties held steady at 42 days in November.
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 HAR housing reports is available in the HAR Online Newsroom.
