Is There an Upside to the Housing Crisis?

There is if you are looking to rent. According to a recent article by the Wall Street Journal, the soft housing market has spurred more homeowners to put their houses on the rental market rather than taking a loss on selling their homes. Currently this trend is primary being seen in the housing markets hardest hit by the lending crunch. But other markets are beginning to feel the pressure as well. Downward pressure on rents is likely a welcome change for many who, over the past few years have experienced strong growth in average rents paralleling the increase in average home prices. In some markets, such as South Florida, thousands of recently finished condos have entered the rental market further suppressing rent growth trends.