Renter trends
- 3.05.2008
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Until last year, many renters felt tremendous pressure to buy a home because prices were on the rise and financing was seemingly affordable. But now that pressure has subsided and many renters have decided to put off this major investment due to fear of falling home prices or an inability to obtain financing on what they consider to be attractive terms.
More renters. Some renters have delayed homeownership because they’re afraid of foreclosure or can’t obtain easy financing. Some former homeowners have been forced back into apartments after a foreclosure or short sale.
More rental units. Some homeowners and builders have rented out condominiums or houses because they can’t sell them today at a price that’s acceptable to them.
More roommates. Some homeowners have taken in roommates to help pay the mortgage and avoid foreclosure. Some former homeowners have become roommates rather than renters because they’ve lost their homes and their jobs.
Today’s housing markets and increased number of foreclosures have caused more fear of buying and have turned a lot more potential buyers into long-term renter. There’s a great post about this trend on Inman, Foreclosure flood brings more renters
