Consumers clamor to lease homes while prices and interest rates keep for-sale homes out of reach for many
HOUSTON — (October 19, 2022) — With interest rates soaring past 6 percent for a 30-year fixed-rate mortgage and home prices in record territory, would-be homebuyers continued to flock to rental homes in September. According to the Houston Association of Realtors’ September 2022 Rental Market Update, single-family home rentals shot up 25.7 percent year-over-year, with the average lease price up 2.9 percent to $2,180. A total of 3,201 leases were signed compared to 2,545 in September 2021.
New listings of single-family rentals surged 40 percent, paving the way for a broader selection of housing for consumers. Days on Market, or the actual number of days it took to lease a home, rose from 21 days to 27.
“Rental homes remain a cost-effective option for consumers who are having a hard time navigating the waters of a home purchase right now, between escalating prices and interest rates,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “We’ve seen steady interest in single-family leases, but in September, townhome and condo leases started taking off as well.”
HAR’s Rental Market Update is distributed on the third Wednesday of each month, one week after the release of the monthly Sales Market Update. An archive of all these reports is available in the HAR Online Newsroom.
Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/. And for all of your Pearland, TX and Northern Brazoria and Galveston County real estate needs, please visit my site at: http://www.danfrankrealty.com. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Remember, Danny Frank is always looking to hire new and experienced real estate agents for the team at JLA Realty. Are you ready to move to the next level in your career? Call me to join today or just visit my site for more information:
You can see my entire blog at: http://www.pearlandrealtyblog.com
Call Danny Frank, at 713-581-4702 to start looking for the JUST right house or to sell your house at the best price ever and in the quickest amount of time.