Houston Homes: Record July Rentals in Single-Family

Houston's Single-Family Home Rentals Hit Historic Highs in July 2023As the summer heat soared in Greater Houston, so did the demand for rental homes. Amidst prevailing concerns over housing affordability and interest rates, Houstonians are increasingly looking towards alternate housing solutions. July witnessed the rental market for single-family homes hit never-before-seen numbers, but it wasnt just these homes making waves; townhomes and condominiums were in hot demand too.Record-Breaking Stats for JulyAccording to the Houston Association of Realtors (HAR) July 2023 Rental Market Update:- Leases of single-family homes surged 19.0% YoY, with the average lease price hiking up 3.0% to a historic high of $2,363. In raw numbers, this translates to 4,396 leases in July 2023 as opposed to 3,693 in July 2022 - the highest single-family leasing volume ever registered.- New listings for these rentals increased 11.6%, ensuring the supply met the escalating demand. However, homes took slightly longer to lease, with Days on Market (DOM) moving from 20 to 28 days.HAR Chair Cathy Trevio commented on this trend, "Rental homes remain hot property in Houston. Prospective buyers are adopting a wait-and-see strategy regarding home purchases due to concerns about affordability and interest rates. Rentals offer a glimpse into homeownership without the constraints of a mortgage, allowing consumers to find suitable housing until they deem market conditions right to purchase.Townhomes and Condominiums Keeping PaceJuly also saw positivity in the townhome/condominium rental segment:- A 3.9% YoY increase with 716 units leased, up from 689 the previous year.- The average lease price went up by 2.0% to $1,963, a slight dip from the previous month's record of $2,048.- New listings saw a 3.9% increase, but like the single-family homes, DOM increased from 24 to 32 days.A Peek Into the Pre-Pandemic EraDrawing a comparison with July 2019, before the pandemic's onset:- Single-family home rentals are up by 12.1%. Back then, leases were signed for 3,923 homes. Astoundingly, the average rent now is 24.0% higher than the 2019 figure of $1,905.- Townhome/condominium rentals were at 780 in July 2019, marking an 8.9% hike from the recent July 2023 data. The average rent for these properties is currently 18.5% higher than the July 2019 figure of $1,657.HAR continues its commitment to providing timely market updates. The Rental Market Update is shared monthly, a week after the Home Sales Market Update, with a comprehensive archive accessible in the HAR Online Newsroom.For those considering diving into the Houston rental market, these numbers signal strong demand. Whether youre a prospective tenant or a property owner, the trend suggests that now might be the perfect time to make a move.Whether you're interested in buying your first home or your next home or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: https://www.texasrealestate.com or https://www.har.com. And for all of your Pearland, TX and Northern Brazoria, and Galveston County real estate needs, please visit my site at: https://www.danfrankrealty.com. These sites offer tons of useful, real estate-related information geared specifically for Texans.Remember, Danny Frank is always looking to hire new and experienced real estate agents for the team at JLA Realty. Are you ready to move to the next level in your career? Call me to join today, or just visit my site for more information: Be sure to watch this: My video business cardYou can see my entire blog at: https://www.pearlandrealtyblog.comCall Danny Frank at 713-569-8102 to start looking for the JUST right house or to sell your house at the best price ever and in the quickest amount of time.

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