RENTALS REMAIN A BRIGHT SPOT FOR HOUSTON HOUSING IN APRIL
According to the Houston Association of Realtors (HAR’s) April 2023 Rental Market Update, single-family home rentals rose 12.7% year-over-year with the average lease price climbing 2.2% to $2,211. A total of 3,633 leases were signed versus 3,223 in April 2022.
New listings of single-family rentals rose 17.7% in April, providing an ample supply of homes to meet the ongoing demand. Days on the Market, or the actual number of days it took to lease a home, rose from 26 to 36 days.
The townhome/condominium rental market was down slightly again in April. Leases of those properties fell 2.5% with 544 units leased compared to 558 last year. The average lease price rose 7.5% to $1,968. New listings jumped 16.1% and Days on the Market went from 36 to 39 days.
Pre-pandemic Perspective: Compared to the last April before the pandemic, single-family home rentals are up 21.4%. In April 2019, leases were signed for 2,993 single-family homes. The average rent is currently 23.2% higher than it was back then – $1,795. Townhome/condominium rentals totaled 560 in April 2019. That is 2.8% ahead of the April 2023 volume. The average townhome/condo rent is currently 24.2% above its April 2019 price of $1,584.
Source: Houston Association of REALTORS®
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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