Thursday, October 1, 2009

Apartments Rent Too High? Rent a Room

More people are hoping to wait out the tough times by finding tenants for their house or taking in roommates to make ends meet.

Posted by Mai Ling at MSN Real Estate on Thursday, September 3, 2009 11:57 AM
Tough economic times are forcing more people to rent their homes out or get roommates. (© Cultura/Corbis)When the economy squeezes us as tight as it has been lately, we can expect it to also put a squeeze on the rest of our lives. Perhaps especially in the comforts of our own home.
Some homeowners and renters are putting practicality before privacy, taking in roommates to help balance out their finances while the the going is tough. And with home prices just beginning to rise again in many parts of the country, some homeowners are moving into new digs but holding onto their old homes, hoping to turn more of a profit if they wait a bit longer to sell. And in the meantime? They're renting their homes out, often for less than the cost of the mortgage and utilities.
So who are the winners here? Renters. With apartment vacancies at their highest levels in more than 20 years and rents falling in some areas, they have the cream of the crop to choose from.