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According to the April 15 Houston Association of Realtors’ March Rental Market Update, Houston's rental market has seen an increase in leased listings.
The details: For March, HAR reports there were 4,718 leased listings for single-family rentals on the market, a 15.8% increase compared to last March. For pending listings, there was an increase of 7.8% compared to last year, totaling 6,172 homes on the market. Lease prices in comparison to last March dipped by 2.1% to $2,242 from $2,290. Homes have also spent slightly longer in the market, from 43 to 47 days.
What else: According to HAR, the townhome and condominium market has also seen changes in March; 673 properties were leased this March, leading to a 12.4% increase compared to the 599 properties last March.
Alongside the rental market, the number of new listings for townhomes and condominiums has grown by 10.1% to 1,082 properties; last March’s listing amount was 983 properties. Meanwhile, the number of days on market has grown to 61 days this March from 53 days last March.
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