The Houston rental market continues to show solid growth with strong demand and a robust supply of rental properties. This springtime surge offers opportunities for both renters and landlords.
Spring’s warmth quickly heated up the single-family rental segment in April. According to the Houston Association of Realtors’ (HAR) April 2024 Rental Market Update, the number of leased listings jumped 3.8% year-over-year to 3,762. The average rent price was up 3.1 percent year-over-year to $2,285, reflecting the continued demand for rental homes. New listings surged 27.4 percent in April compared to the same period last year, providing renters with a wider selection of single-family homes. Days on Market, or the actual time it took to lease a home, decreased slightly to 35 days.
“The Houston rental market continues to thrive in a unique balancing act,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “While strong demand persists, the influx of new listings is providing renters with more options. This balance is welcomed as consumers remain cautious due to elevated interest rates, potentially delaying homeownership plans.”
The townhome/condominium rental market also experienced a springtime refresh. In April, leased listings blossomed 14.5 percent year-over year, reaching 625 units. While average lease prices dipped slightly by 1.6 percent to $1,937, offering potential cost savings for renters, the overall demand remains high. New listings increased 29.0 percent year-over-year while Days on Market went from 39 to 43 days.
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.
