Why Aren’t Entrepreneurs Developing Innovative Solutions For Renters?

There are some 40 million rental units in America today. And that segment is growing fast as more Americans choose to rent instead of own in a tepid real estate market. While some technology providers have come to the rescue of landlords and prospective tenants, much opportunity remains.

With home prices down 34% from their July 2006 peak, resulting in more than $16 trillion in vaporized household net worth, you can’t blame Americans for wanting to move on with their lives. That typically means renting a home or apartment, as fewer Americans now believe that owning a home is better than renting, 63% today, down from 89% in 1996:.

That trend has fueled a rental market with the tightest demand in 10 years. Leading the U.S. rental market is the tech-heavy San Francisco Bay Area, with San Francisco rental prices up15% and Oakland, Calif., up 11%, as of June 2012.

But tenants and landlords know that finding and renting a home or apartment is not a simple process. The finding part has been made easier with the emergence of Craigslist as the default mother of all U.S. rental listings. Yet the procedure of applying for a rental and getting your application approved remains arduous. Thankfully it’s now being addressed by a few savvy technology providers.

Read the rest of this article at Read Write Web

(Photo Cred: RWW )

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