HOUSTON — (October 18, 2023) — With mortgage rates at their highest level in 20 years and home prices gradually retreating from record highs, consumers continue to flock toward rental housing across the Greater Houston area.
According to the Houston Association of Realtors’ (HAR’s) September 2023 Rental Market Update, rentals of single-family homes rose 8.0 percent year-over-year with the average lease price climbing 5.1 percent to $2,298. A total of 3,464 leases were signed compared to 3,207 in September 2022.
New listings of single-family rentals rose 7.4 percent in September, providing an ample supply of homes to meet the steady demand. Days on Market, or the actual number of days it took to lease a home, increased slightly from 27 to 30 days.
“Rental homes are still highly sought after throughout the Houston housing market and that is the direct result of elevated mortgage rates and home prices overall,” said HAR Chair Cathy Treviño with LPT, Realty. “We have seen moderation of home prices in recent months, but I believe most consumers right now are more concerned about where interest rates are than about pricing.”
The townhome/condominium rental market saw gains in September. Leases of those properties jumped 12.6 percent with 635 units leased compared to 564 last year. The average lease price fell 3.1 percent to $1,880. New listings rose 6.4 percent and Days on Market went from 31 to 32 days. Read more.
– Marcus Bruno
Real Estate Broker
Bruno Fine Properties
(281) 969-3817
