Foreclosures Not Necessarily Producing Renters

July 20, 2009

A surprising number (nearly 50%) of former homeowners are
taking up residence with family members and roommates instead of attempting to
rent their own one-room apartments, according to a Rent.com survey regarding
vacancies. The expected strengthening in the rental market simply has not
occurred, as some homeowners are simply selling off possessions or simply
leaving them behind in foreclosed homes.

Kentucky
Takeaway: With more foreclosures being driven by unemployment, keep tabs on the
job status of in-state friends and family. Unexpected roommates may be just a
layoff away. Real Estate Education in this market is a must.