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CONSUMER DEMAND POWERS HOUSTON’S RENTAL MARKET TO A STRONG 2022 FINISH

December brings double-digit gains for rentals of single-family homes and townhomes/condos 
 
 
HOUSTON — (January 18, 2023) — While elevated mortgage rates, record prices and limited inventory drove Houston home sales down in 2022, it was a strong year for the rental market. When consumers decided to suspend their homebuying plans, they quickly pivoted to the rental market and never looked back. According to the Houston Association of Realtors’ December/Full-Year 2022 Rental Market Update, single-family home rentals jumped 24.3 percent year-over-year, with the average lease price up 5.5 percent to $2,154. A total of 3,025 leases were signed versus 2,433 in December 2021.
 
New listings of single-family rentals rose 14.9 percent in December, ensuring that supply can meet the growing demand. Days on Market, or the actual number of days it took to lease a home, increased from 26 to 36 days. 
 
Single-family home rentals for full-year 2022 totaled 38,691 versus 32,502 a year earlier. That is a 19.0 percent increase. Total dollar volume rose 27.1 percent to $84.5 million.
 
“The rental market was definitely the bright spot for Houston real estate in 2022 and we expect it to remain robust in the new year,” said HAR Chair Cathy Treviño with Side, Inc. “The supply of rental properties is so far meeting consumer demand and filling a critical need while those consumers wait for conditions that they consider more suitable to resume searching for homes they can purchase.”
 
 
 
Townhome and condominium rentals rocketed 25.5 percent in December with 547 units leased compared to 436 last year. The average lease price rose 3.7 percent to $1,805. New listings rose 2.2 percent and Days on Market climbed from 35 to 41 days.
 
For full-year 2022, townhome and condominium rentals were down 1.2 percent with 6,977 leased listings versus 7,061 a year earlier. Total dollar volume rose 7.1 percent to $13.0 million.
 
 
HAR’s Rental Market Update is distributed on 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.