The Houston rental market remained strong in October, with increased leasing activity and inventory.
According to the Houston Association of Realtors’ (HAR) October 2024 Rental Market Update, leased listings rose 4.9 percent to 3,413 single-family home rentals compared to 3,254 during the same time last October. The average lease price increased slightly, 0.9 percent, to $2,250.
The market also saw a surge in new listings, with 5,917 single-family rental properties added to the Multiple Listing Service (MLS), an 11.6 percent increase from the previous year. Days on Market, or the actual time it took to lease a home, increased to 36 days from 32 days last year.
“October marked another strong month for Houston’s housing market, with both resale and rental sectors experiencing significant growth,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “With mortgage rates remaining volatile, I believe more potential homebuyers will take a wait-and-see approach, further fueling the rental market in the coming months.”
The townhome and condominium rental market in Houston also experienced sustained demand in October. The number of leases increased by 6.5 percent year-over-year to 557 units, up from 523 last October. The average lease price edged up by 0.8 percent to $1,931.
The number of new listings for townhomes and condominiums rose 10.6 percent to 1,077 units compared to 974 last year. The average time it took to lease one of these properties increased to 43 days from 37 days in October 2023.
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.
