Industry NewsNews Brief

The Great Rental Conversion

From Curbed.com blog
Published on Sep 15, 2009

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by CareyBot

So many cheap houses to snap up, yet so few buyers to take your current house off your hands -- at least at the price you want to sell for. Such is the dilemma that has millions of homes in the U.S. being converted into rentals nowadays: 2.5 million, to be exact, since 2007.

There are three culprits actually: homeowners renting out to help with mortgage payments; brand-new condos that can't find buyers; and newly bought foreclosed homes that now need tenants.

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