If you can't sell... rent. And if you can't buy... rent. And when the economy is less than good -- which it is these days -- renting goes up. In fact, increases in the number of rental properties have been some of the largest in recent history.
Excerpt:
"I've accepted that I probably won't make any money from selling my (Allen Park) house. So, I'm not real anxious to make another big housing commitment again."
Eyck is part of a growing trend. As homeowners contend with a chilly housing market, many are turning to tenants to pay their mortgages.
In the first three months of this year, Allstate Insurance Co. reported a 31 percent increase in the number of Michigan homeowners switching from homeowner to landlord policies over the previous year.
Nationally, the occupancy rates in rental housing have seen the largest annual increase in history: 1.5 million units, according to U.S. Commerce Department statistics dating to 1965.
The increase has produced an all-time record high number of rental housing units in the country, now totaling 34.7 million units, or about 83 million persons.
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