Spring has sprung in Houston, and the single-family rental market is blooming with activity. Both rental demand and available properties climbed in March.
According to the Houston Association of Realtors’ (HAR) March 2024 Rental Market Update, single-family home rentals continue to trend ahead of 2023 levels. There was a 4.8 percent increase in leased listings in March, reflecting sustained interest from consumers. The average rent was up 5.3 percent year-over-year to $2,262. A total of 3,989 leases were signed compared to 3,806 a year earlier. Landlords are responding to the hot market by adding new listings. There was an 8.9 percent rise in new listings in March compared to the same period last year. Days on Market, or the actual time it took to lease a home, held steady at 38 days.
“Spring is traditionally a busy time for the housing market, and this year, the Houston rental market is no exception,” said HAR Chair Thomas Mouton with Century 21 Exclusive. “Strong demand and a dynamic market offer opportunities for both renters and landlords, with rising rents balanced by an influx of new listings. Rentals remain a desirable choice for consumers who are not ready to buy a home.”
The townhome/condominium rental market also drew more interest in March. Leases of those properties rose 4.2 percent year-over-year with 624 units leased compared to 599 last year. The average lease price climbed 4.0 percent to $1,933. New listings increased 20.8 percent year-over-year while Days on Market went from 43 to 45 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.
