Houston single-family home rental prices reach ‘unprecedented’ levels

While home sales slowed across all price segments in June, rental prices climbed to an “unprecedented” level, according to the Houston Association of Realtors’ June Rental Market Report.

In numbers

According to the report:

• The number of listings for rented single-family homes increased by 3.1% over the year, from 4,225 to 4,358.
• The average rental price for a single-family home hit a record high of $2,373 in June, up 1.3% from last June.
• New single-family home rental listings increased 8.5% from last June.

Also noteworthy

Townhouse and condominium rents fell in June for the first time this year. Additionally:

• Listings of rental townhouses and condominiums fell 2.8% to 750 units in June, down from 772 units last June.
• Rent for townhouses and condominiums has increased from $2,048 last June to $1,989 next June.

What they say

“As potential homebuyers grapple with uncertainties surrounding interest rates, many are opting for the flexibility and affordability that rental properties offer,” HAR President Thomas Mouton said in the report.