One of the biggest myths in the real estate industry is that it is cheaper to rent than to buy. In 71 percent of the cities in the U.S., owning is now currently cheaper than renting.

In 2011, 1.4 million new households entered the rental market due to foreclosures and demographics — i.e., the 80 million members of Gen Y are at their prime time for starting new careers, getting married and having kids. At the same time, the number of new homes being built has dropped substantially. As a result, the demand for rental properties has skyrocketed.

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