More foreclosures mean more renters. From the Wall Street Journal:
Apartment values also are getting boosted by powerful supply-and-demand forces. Renter households now top a record 37 million after increasing more than 3.5 million in the past five years, partly due to the foreclosure crisis. Green Street Advisors expects an additional 4.4 million rental households to be added by 2015.
It always struck me as strange that paying a mortgage on a house is usually more expensive than renting the same house... despite the fact that a landlord will do repairs for you.
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