More people are choosing to rent, not own, which is great news for landlords and investors.
The top five highest rent increases are in New York City, where 80% of the population rents, Seattle, San Francisco, Oakland and Orange County, Calif. Other cities ranking high for rent increases are Salt Lake City and Portland.
Foreclosures and the subprime crisis are considered major contributors to the current state of the rental market. I'm trying to really grasp the causes of the situation, and wonder what other contributors are feeding this situation - for instance the (un)availability of affordable housing in California is obviously a big factor (big surprise). Are people waiting for the bottom of the market? Is it too difficult (or too scarey and intimidating) to obtain mortgages due to lenders tightening their requirements? Is there something that I've overlooked?
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