As the economy continues to impact the housing market, NBC News reports the rental industry is profiting from the sour market.
The U.S. Census Bureau reports the number of homeowners is at its lowest point since 1998, causing more and more people to rent instead of purchase homes.
"Obviously, the economic conditions are playing into it, but when we ask those people why they're choosing to rent instead of buying another home, they were citing things like the flexibility that comes with living in an apartment," Apartments.com vice president Chris Brown tells NBC News.
"After the past few years, there are some people who are certainly questioning whether home ownership is right for them," Trulia economist Jed Kolko tells NBC.
Investors are purchasing up the foreclosed and lower-priced homes in order to convert them into rental properties. Reports say that one-fourth of the homes sold in August were purchased by investors.
However, the higher demand for rental homes and properties is driving up the price of rent by as much as 4% in 2011.
How about you? Have you or someone you know given up the idea of owning a home and gone to renting? Tell us your story below.
Story Information provided by Chris Clackum, NBC News
