The Houston rental market maintained its upward trajectory in October 2024, showcasing resilience and growth across multiple property types. With a surge in new inventory and rising demand, the market reflects broader shifts influenced by economic factors like fluctuating mortgage rates.
Single-Family Homes: Strong Leasing Activity
Leased listings for single-family homes increased by 4.9% year-over-year, totaling 3,413 in October. The average lease price also saw a modest rise of 0.9%, now standing at $2,250. This growth highlights steady interest in rental properties as more households opt out of homebuying in favor of renting.
Townhomes and Condominiums: Sustained Demand
Townhomes and condominiums experienced a 6.5% year-over-year increase in leases, reaching 557 units. The average lease price rose slightly by 0.8% to $1,931, while new listings climbed 10.6%, adding 1,077 units to the market.
Market Dynamics: Mortgage Rates Influence Renters
As mortgage rates continue to fluctuate, many potential buyers are choosing to wait, further fueling rental demand. This trend, combined with an 11.6% increase in single-family rental listings and longer leasing periods, points to a dynamic yet stable rental market in Houston.
Are you exploring rental opportunities in Houston or considering listing your property? Let Blok & Blvd. Realty Group guide you through this dynamic market. Our experienced team is here to help you find the perfect home or maximize the value of your rental property. Contact us today to get started, and subscribe to our newsletter for the latest insights on Houston’s real estate trends!
This blog post is based on data and insights from the Houston Association of REALTORS® (HAR) October 2024 Rental Market Update. For more detailed reports and archives, visit the HAR Online Newsroom.
