Double-Digit Rent Hikes Coming?

At a time when more and more foreclosed homeowners are taking shelter in rental apartments, word comes that we may soon be facing a shortage of rental units leading to double-digit rent increases.

At its Las Vegas convention earlier this week, a big-wig from the National Association of Home Builders told the audience, "We will be facing a severe shortage of apartments in the next few years, which will increase the cost of housing for consumers."

The reason for the projected rental apartment shortage: what is being called by some "a dramatic decline" in apartment construction in this country.