According to the Census Bureau, the rate of U.S. homeownership slipped in the first quarter of 2009 to the lowest level since the start of the decade. The rate dropped from 67.5 percent from 68 percent during the same period in 2008.
You may assume by this news that if less people own homes, more rent and, therefore, the prices of rents should have increased. Not quite. Boston has experienced a huge increase in rental inventory as individual homeowners and big time developers alike put their properties on the rental market as soon as they list them for sale. We are seeing an increase in lease-to-own and lease-with-option-to-buy contracts. Two Boston loft buildings, The Brewery Lofts and The Macallen Building are currently offering competitive lease-to-own deals.