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.

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.

Reposted with permission from Curbed.com. Click here to view original post.

Copyright (c) 2009 Curbed.com LLC

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're here to help. Free 90-day trial for new subscribers.Click Here ×