HOUSTON – The city’s single-family rental leasing surged by at least 10 percent year over year for each of the first eight months of 2023, peaking in July with almost 4,400 homes leased, according to the Houston Association of Realtors. Leasing activity cooled in September, but it remained higher than in 2022.
In November, Houstonians signed rental leases for an additional 3,133 single-family homes—about 6.6 percent more than a year earliers. Townhome and condominium rentals also jumped by 9.7 percent year-over-year to 520 leased units, according to HAR.
Increased single-family-home leasing activity is occurring even as rental rates rise. The average lease price for a single-family home in the Houston area in November was $2,220 monthly, up 5 percent from the previous year, according to HAR. Average lease prices for townhomes and condos rose by 3 percent to $1,849, year-over-year.