The Houston rental market reached new heights in June with lease prices climbing to an unprecedented level. There also continues to be sustained demand for single-family rentals.
According to the Houston Association of REALTORS®’ (HAR) June 2024 Rental Market Update, leased listings climbed 3.1 percent year-over-year to 4,358. The average rent price hit a record high of $2,373 in June. That is up 1.3 percent compared to June 2023.
New listings rose 8.5 percent in June compared to the same time last year. Days on Market, or the actual time it took to lease a home, edged up to 32 days.
“Houston’s rental market was a bright spot in the housing market as home sales slowed in June,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “As potential homebuyers navigate uncertainties around interest rates, many are opting for the flexibility and affordability that rental properties offer.”
Townhome and condominium rentals declined for the first time this year. Leased listings were down 2.8 percent year-over-year to 750 units compared to 772 last year. Rent prices eased 2.9 percent to an average of $1,989. New listings rose 16.9 percent when compared to last June, while Days on Market increased to 44 days from 35 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.
