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More People Are Renting as Housing Market Suffers

Posted on 15 Nov 2010

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With the housing market in a slump, foreclosures rising and a glut of investor-owned homes hitting the rental market, more people are choosing to rent than to buy.

The U.S. Census Bureau noted that in the second quarter of 2010, 37.1 million housing units were occupied by renters, up by more than 800,000 units from the same period the previous year and up by 8.2 percent, from 34.3 million units, in 2006.

A survey conducted by Harris Interactive for the National Apartment Association in May 2010 found that 76 percent of those surveyed now believe that renting is a better option than buying in the current real estate market, up from 71 percent in 2008.