Houston’s rental market continued its upward trend in May, with consistent demand pushing rents and leasing activity higher.
According to the Houston Association of Realtors®’ (HAR) May 2024 Rental Market Update, leased listings grew 6.7 percent year-over-year to 4,262. The average rent price climbed 3.8 percent to $2,345. This ties the second-highest average rent price recorded in August 2023.
Landlords are responding to demand with a growing pool of available single-family home rentals. New listings jumped 18.9 percent in May compared to the same time last year. Days on Market, or the actual time it took to lease a home, saw a slight uptick to 35 days.
“The Houston rental market shows no signs of slowing down,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “While rising interest rates and home prices may be causing some people to delay their homeownership plans, renters are benefiting from a robust selection of single-family homes available for lease.”
Townhome and condominium rentals remained hot in May, with buyers showing sustained interest. Leases signed increased 3.1 percent year-over-year to reach 761 units. Rent prices remained relatively flat at an average of $1,998, which is the highest since June 2023 when it reached a record high of $2,048. New listings climbed 6.6 percent compared to last May, while Days on Market increased to 44 days from 37 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.
