Single-family rentals rise again; new Porsche dealership opens

Houston’s homebuying market may have slowed considerably this year, but single-family rentals continue to attract many would-be buyers who are putting off purchasing a home. 

Single-family rental leasing surged by at least 10 percent year over year for each of the first eight months of the year, peaking in July with almost 4,400 homes leased, according to Houston Association of Realtors. Leasing activity cooled in September but it remained higher than in 2022.

In November, Houstonians signed rental leases for an additional 3,133 single-family homes — about 6.6% more than a year earlier, according to Houston Association of Realtors. Town home and condominium rentals also jumped by 9.7% year-over-year to 520 leased units, according to HAR.

Increased single-family-home leasing activity is occurring even as rental rates rise. The average lease price for a single-family home in the Houston area in November was $2,220 monthly, up 5% compared to last year, according to HAR. Average lease prices for town homes and condos rose by 3% to $1,849, year-over-year.

“The Houston rental market remains strong as we wrap up 2023 and has been the silver lining to a market that, throughout the year, posed inventory, affordability and mortgage rate challenges to many consumers,” said HAR Chair Cathy Treviño with LPT, Realty, in a statement. “There’s no saying what mortgage rates will do in 2024, but inventory of both resale and rental homes has grown considerably, so consumers will have ample selections available no matter which direction they choose to go.”

November marked the first time in 19 months that Houston home sales increased, and with mortgage rates beginning to stabilize, real estate agents are hopeful that 2024 could bring more buyers back to the market.  

The 150,000-square-foot campus was built at 13426 Southwest Freeway, near Highway 90. About 50 employees are expected to work at the new location, which will also offer a Porsche maintenance and repair center.

The dealership is expected to offer “concierge style, white-glove service,” said General Manager Bram Zeeger, who previously served as General Manager of Porsche Palm Springs, in a news release. 

The dealership was partially built with low-carbon cement made by Terra CO2 Technology. Terra’s proprietary process uses widely available silicate-based raw materials, resulting in 70% lower carbon dioxide emissions and 90% lower nitrogen oxide emissions compared to standard cement, according to Indigo Auto Group.

The dealership’s design included using light-colored…