A new study shows home prices declined 9.8 percent last year, while rental prices nationwide increased 11.6 percent during the same period, according to Hotpads.com.
The rental price increase is a factor of uncertainty in the U.S. economic climate, which has forced a transition from a home-buying mentality to one more in favor of renting. The growing number of homes lost to foreclosure in 2010 expanded the number of people seeking to rent, creating a renter surplus, according to the study.
With the U.S. unemployment rate at more than 9 percent throughout 2010, low-risk housing options became more desirable, a trend which may continue in the coming months, according to Hotpads.com.
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