(Daniel Acker/Bloomberg)


Last year, Morgan Stanley put out a report heralding a similar movement toward a “rentership society” that would last well beyond the aftershocks of the current mortgage meltdown. The report pointed out that some bigger structural changes — including looming reforms to Fannie Mae and Freddie Mac, new Dodd-Frank rules for mortgage securitization, and so forth — could make it harder for people to buy homes for years to come. “We believe that the U.S. will become a Rentership Society, in which the homeownership rate will keep falling, the homerentership rate will conversely rise, and the rental market will dominate the investment landscape in housing for years to come,” the analysts concluded.