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Photo of Aaron Terrazas ““Many longtime owners have opted to hold onto their homes as rentals even after they decide to move somewhere else.,” says Terrazas.si

SEATTLE—Apartments aren’t the only cause, or beneficiary, of the trend toward renting rather than owning. Zillow said Wednesday that the number of homes that would sell in a single year is down by about 5% compared to 2006, due largely to demand for single-family rentals. Hundreds of thousands of homes that may have otherwise sold in a typical year over the past decade– particularly more-affordable homes—have instead been taken off the market and converted to rentals, a trend that exploded in popularity in recent years and is only now beginning to level off,” according to Zillow.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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