Foreclosures may drive up rents

Date: March 28 2008
Source: Sun Post
Website: http://sunpost.net/content/view/1827/190/

MANTECA — People who lost their homes to foreclosure have flooded the rental market this year, sending prices upwards and making it hard to find temporary housing.

Local landlords say they’ve been getting a lot more calls from this new breed of renters, which has allowed them to keep apartments completely booked up.

Foreclosures have continued to rise over the last two years, but local realtor Linda Aksland, who manages about 30 rental homes in Manteca, said the surge in rental demand only began this February.