A Renter's Market?

For the first time in decades it's cool to be a renter. So why is it so hard to rent a home and still be “green"? This week, as news outlets across the board reported a steep decline in home sales and prices in July, especially in the West, some reported increased preferences for renting, especially with the added uncertainty wrought by high unemployment levels. Particia Orsini of AOL's Housing Watch reported Aug. 26 that Americans, particularly homeowners, are now more likely to think that renting a home is more prudent than buying one. Other news outlets, such as Forbes and the Real Estate Channel and Time's “Curious Capitalist" blog, also recently dissected the growing preference for renting.

Orsini cited statistics from Harvard's Joint Center for Housing Studies. I took a glance at that report – titled State of the Nation's Housing 2010 – and found it shows that rental vacancies grew from 2006 to 2009, even though the renter pool was growing at the same time. In fact, U.S. Census Bureau housing vacancy survey data cited by the report shows that fewer people own homes in the West compared to any other region in the nation. The same numbers also show that nearly three-quarters of white Americans own homes while fewer than half of minority populations do.

So, what does this all have to do with the environment?