What should I know about houses for rent?

Across the country, houses for rent are utilized by their owners as a primary or secondary source of income, as a vacation property, or as an investment. For renters, rental houses provide easy and affordable housing options for those who are new to a city or neighborhood, can be utilized as vacation rentals, or are cost effective solutions for long term residents who don"t have the desire or means to own their own property.

Renting a house can also be a sustainable solution for a second home that is having difficulty selling in the current market; rather than lowering the price and possibly losing value, more and more homeowners are renting their second or previous houses to cover the mortgage and retain the equity.

Houses for rent can be found through real estate agents or property management companies, in advertisements online or in the paper, or even just by trolling the neighborhood looking for signs with posted vacancies. According to the U.S. Census Bureau, in Q3 2008, median asking rent rose by 8.45% to $719 from a year earlier and vacancies for rental houses rose slightly to 9.9%1. These indicators, coupled with the economic downturn, make renting versus owning a reality for millions of people across the country. Indeed, as of 2007, approximately 36,862,873 housing units were rented in the United States and of those, over 30% were detached or attached houses (single units).2

There are thousands and thousands of houses for rent across the country; whether for a short term or long term lease or rental, as a primary residence or for a few days away, houses for rent are an excellent option for both owners and renters.