Industry NewsRentals

Foreclosure flood brings more renters

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The share of rental households jumped by about 1 million last year and this group is likely to expand further if foreclosure trends continue, Harvard University's Joint Center for Housing Studies reports today, while the monthly rental rate reached a record high last year. "Now that large numbers of former owners are flooding back into rental markets, expanding the available supply of affordable rentals is critical," the report urges. Foreclosures will convert some homeowners to renters and will also displace renters who are living in foreclosure properties and may compound affordability problems in the rental market in the short term, according to the report, "America's Rental Housing: The Key to a Balanced National Policy." Nicolas P. Retsinas, director of the Harvard center, said in a statement that "the fallout from foreclosure is hitting the same neighborhoods where many of the nation's most economically vulnerable renters live." Investor...