Houston renters finally got a little breathing room in November, as single-family rental inventory climbed to record levels while lease prices barely moved. The typical single-family lease inched up to $2,244, a roughly 0.4% increase, even as the number of leased homes grew year over year, giving would-be tenants more options. The Houston Association of Realtors published its November rental market update on Wednesday.
According to the Houston Association of Realtors, single-family rental leases jumped 10.2% year over year, with 3,459 homes leased in November compared with 3,139 a year earlier. Active single-family rental listings hit 11,933 and new rental listings climbed 15.2%, marking the fifth straight month of record-high inventory.
More Homes, Same Prices
So far, all that fresh supply has meant more choice for renters without a spike in monthly payments. “As the year moves into its final stretch Houston renters are receiving a welcome gift in the form of more options and stable prices,” HAR Chair Shae Cottar said in the group’s news release via the Houston Association of Realtors.
What Easing Rates Could Mean…