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Real Estate

More homeowners opt to become landlords

comp:0000528877d9:000000082c:0554 0 <p>By Paul Tooher<br /><br />Having a hard time selling your home? How about offering it for rent instead?<br /><br />That&rsquo;s the option an increasing number of homeowners are taking these days, according to an analysis by <a href="http://www.usatoday.com/story/money/business/2013/10/20/single-family-homes-turned-rentals/2939243/">USA Today</a> of U.S. Census Bureau data.<br /><br />According to the national newspaper, at least a fifth of all occupied single-family homes were rentals last year in 32 of the nation's top metropolitan regions. That's up from seven metros in 2006.<br /><br />Nationwide, 18 percent of occupied <a href="http://www.zillow.com/san-bernardino-ca/?utm_source=The_Northwest_Herald&amp;utm_medium=referral&amp;utm_campaign=AtomFeeder&amp;cbpartner=The+Northwest+Herald">single-family homes</a> last year were rentals, up from nearly 15 percent in 2006, according to data based on the American Community Survey, an annual Census Bureau survey.<br /><br />USA Today reported that metros with the most growth in single-family rentals are those where foreclosures were most rampant, including Las Vegas, Florida and Central California.<br /><br />Chicagoland communities are actually well below the national average, with the share of single-family houses that were rented in 2012 at 12.3 percent, up from 8.3 percent in 2006.<br /><br />According to Zillow, there were 29 houses for rent in Crystal Lake in late October, with monthly rents ranging from $775 a month to $2,500 a month.<br /><br />The Zillow Home Value Index for Crystal Lake has increased 11.9 percent over the past year to $161,400 at the end of September. Zillow reports that 83 homes were sold in August of this year, compared with 56 during the same period last year, a 48.2 percent increase.<br /><br />Metro areas with the highest percent of single-family homes occupied by renters include Stockton, Calif., 32 percent, the highest rate of the 100 communities reviewed; Fresno, Calif., 31.1 percent; Bakersfield, Calif., 30.6 percent; Cape Coral, Fla., 25.4 percent; Honolulu, 29.6 percent; Las Vegas, 28.9 percent; San Diego, 26 percent; Los Angeles, 25.7 percent; San Bernardino/Riverside, 25 percent; Sacramento, Calif., 24.5 percent and Phoenix, 23.5 percent.</p>
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