Realtor's report influx of Philadelphia renters

Philadelphia real estate brokers have noticed a trend of homeowners who are selling their properties and moving into rentals, according to the Philadelphia Inquirer.

There has been an increased demand for rental properties in Philadelphia since October, said John Featherman, a real estate agent for Prudential Fox and Roach. Featherman told the paper that he has closed approximately 187 rental contracts in 2010, a record high for him, adding that "the nature of the demand has dramatically shifted."

Homeowners who have either sold their home or have moved and plan on selling seem to be actively looking for apartment rentals, said Allan Domb of Allan Domb Real Estate, in an interview with the Inquirer. While the under $2,500 market in the city is thriving, Domb said the market for properties listed at $2,500-$4,000 is still weaker than it was before the financial crisis hit in 2008.

While there may be a spike in renting, it may not be because tenants prefer signing a lease to owning their own home. A recent analysis by Fannie Mae found that despite the trials and tribulations of the recent housing crisis, most Americans still aspire to buy a home and say that owning one has both financial and lifestyle benefits.

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