You Call That an Apt. Hunt? 4.5 Million Rentals Available in U.S.

Earlier this month new census data revealed that the homeownership rate is plummeting as foreclosures swell. That news buried the other bombshell in the latest numbers: vacancy rates are now soaring for rentals.

Nationally, 10.7 percent of apartments are now sitting empty. And in apartment buildings? Vacancies are over 13 percent. That's potentially great news for renters, since basic economics tells us that as supply grows and demand falls, prices will decline. But be careful what you wish for – if landlords are stuck with too many apartments, they may not be able to take very good care of yours.