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The rental market is booming in Houston as March saw a record number of leases signed. (Photo by Brett Coomer\/Houston Chronicle via Getty Images)<\/p>\n
Houston Chronicle\/Hearst Newspap\/Staff photographer<\/p>\n
A record number of homes were leased <\/a>across Houston in March, according to new data from the Houston Association of Realtors<\/a>\u2014but what that surge means<\/a> depends on who you ask.<\/p>\n The data, released in mid-April<\/a>, shows leased listings rose 15.8 percent year over year to 4,718, marking the highest number of rental homes in a single month ever recorded by HAR.\u00a0<\/p>\n Article continues below this ad<\/p>\n The market also revealed a record number of pending listings, totaling 4,824, pointing to continued demand in the weeks ahead. New listings climbed 7.8 percent year over year to 6,172 available rental homes.\u00a0<\/p>\n Simultaneously, the average lease price has declined by 1.5 percent to $1,898, down from $1,926 last March. The average Days on Market increased to 61 days, which HAR said is up from 53 days a year earlier, demonstrating a slightly slower pace of leasing even though there is an uptick in activity.<\/p>\n What experts say<\/p>\n For some, it’s a sign that people are continuing to find places to live in a growing metro area. For others, it may point to something more complicated. HAR Vice Chair Troy Cothran told Chron the surge reflects both strong demand and uncertainty in the housing market.<\/p>\n Article continues below this ad<\/p>\n “The rental housing market is truly impressive at this time, and the numbers don’t lie,” he said. “There are those that would like to buy right now but are cautious because of all of the ifs in the marketplace.”<\/p>\n A record number of Houston homes were rented in March, raising questions about affordability and long-term housing trends.<\/p>\n Brandon Bell\/Getty Images<\/p>\n Those questions, he said, include whether interest rates will drop, whether home prices will ease and what direction the broader economy is headed.<\/p>\n Article continues below this ad<\/p>\n “Affordability is the big question,” Cothran said. “So, with this being said, this is why our rental market is so incredibly strong this year, and it looks like it’s going to continue for the time being.”<\/p>\n Is Houston still affordable?\u00a0<\/p>\n Daniel Potter, director of the Houston Population Research Center at Rice University\u2019s Kinder Institute for Urban Research, said the surge in rentals isn’t necessarily surprising\u2014but it does raise bigger questions about affordability and where people see themselves living long term.<\/p>\n “I mean, it’s always good to know that you’ve got folks finding places to live,” Potter said. “I think it raises some questions about whether this is a signal of people moving into the Houston area or is this a signal of additional financial pressures and strains that residents might be facing.”<\/p>\n Article continues below this ad<\/p>\n That tension\u2014between growth and strain\u2014is something Houston has been grappling with for years.<\/p>\n Should you buy or keep renting in Houston?<\/p>\n Earlier reporting<\/a> has shown how the region’s housing market has slowed in some areas while affordability continues to tighten, especially for first-time buyers.\u00a0<\/p>\n Potter said while renting has long been viewed by some as a temporary step toward homeownership, that path has become more difficult\u2014especially for younger adults.<\/p>\n Article continues below this ad<\/p>\n The rental market is booming in Houston.<\/p>\n Melissa Phillip\/Staff Photographer<\/p>\n “What we actually found was the opposite\u2026 there was still a very, very high level to which people wanted to be homeowners,” he said. “There’s just been a lower level of homeownership\u2026 not necessarily finding themselves in a financial position to be homeowners.”<\/p>\n In other words, the desire to own hasn’t gone away\u2014but the ability to do so has. That reality is showing up in how people define “home” itself.<\/a><\/p>\n For some, Potter said, home is simply “the four walls and the roof and the place that they sleep at night.” For others, “it’s life\u2026 It’s where they are meeting with friends\u2026 where they have their loved ones\u2026 a place of community.”<\/p>\n Article continues below this ad<\/p>\n That spectrum matters in a city like Houston, where migration patterns continue to reshape where people live\u2014and why.<\/p>\n How Houston’s affordability reputation has evolved<\/p>\n For about a decade, Potter said, the region has seen steady international migration into Houston and Harris County, followed by residents spreading out into surrounding areas like Fort Bend, Montgomery and Brazoria counties.<\/p>\n “People are coming into Houston\u2026 and once here, sort of figuring out what life that they want to have,” he said.<\/p>\n Article continues below this ad<\/p>\n That movement is often tied to affordability.\u00a0Chron has previously reported<\/a> how rising housing costs are pushing some residents out of the city and into nearby suburbs in search of more attainable options. Even then, Potter cautions that Houston’s reputation as an “affordable” city<\/a> depends on how you define it.<\/p>\n “Compared to places like New York, LA, San Francisco\u2026 we are extremely affordable,” he said. “However\u2026 Houston has become increasingly unaffordable relative to itself.”<\/p>\n Potter also pointed to the median home price in Harris County, which has roughly doubled since the early 2010s.<\/p>\n Article continues below this ad<\/p>\n “And so again, even within that doubling, we are more affordable than elsewhere,” he said. “But that doesn’t mean that we’re affordable for folks that are living here.”<\/p>\n That distinction may help explain why a record number of people are renting\u2014even in a city known for its relative affordability. Whether that trend signals continued growth or deeper financial strain is something researchers say will take time to fully understand.<\/p>\n","protected":false},"excerpt":{"rendered":"The rental market is booming in Houston as March saw a record number of leases signed. 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