Houston Rental Market Hits a New High

As home sales slow down, there's one part of the real estate market that's still booming: renting* 🏡📈 Average rent prices in Houston soared to a record high of $2,373 in June 2024, showing a 1.3% increase from last year. 💰💸

Why the rise? 🤔
With high interest rates keeping potential homebuyers on the sidelines, many are choosing the flexibility and affordability of renting. 🏘️ Meanwhile, landlords are stepping up, with new leasing listings rising 8.5%. 📊

But it’s not all sunshine… 🌤️ While single-family rentals are in demand, condo and townhouse leases dropped, showing a 2.9% decrease in rent prices. And with affordability concerns on the rise, more and more households are becoming cost-burdened, spending over 30% of their income on housing. 💸💼

Still, if you're a landlord, Houston’s rental market remains a bright spot in an otherwise slowing housing market! 🌟🏠

🔑 Key takeaways:
- Average rent: $2,373 📈
- New lease listings: +8.5% 🏘️
- Rental days on market: 32 days ⏳
- Townhouse/condo rents: -2.9% 📉