Renting Is the New Buying, Thanks to Plague of Foreclosures

By Alec Foege
| Posted Jul 27th 2010 2:33PM
1 Comments

Homeownership is being replaced by a new American virtue: renting. Landlords across the country are reporting a big increase in new leases as foreclosures push former owners into the rental market, and young adults are finding new jobs and setting out on their own. For the first half of 2010, occupied apartments rose by 215,000 in the 64 biggest rental markets. The surge is expected to translate into 5 percent to 10 percent earnings increases in real estate investment trusts, a popular investment vehicle. So be proud, be transient -- be a renter.


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Filed under: News, Economy

Reader Comments (1)

1 Comments / 1 Pages

Poll

With spring home buying season around the corner, will you consider buying?
Yes. Affordability is at a 30-year high, and I should be able to qualify for a mortgage.3077 (20.4%)
No, but I would if I could. Lending in my area is still tight, and I don't have that kind of cash on hand for a down payment.5156 (34.1%)
No, I'm holding out for an even better deal.2856 (18.9%)
Nope. It's a renter's life for me.4013 (26.6%)
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