Please see this earlier post for graphs of the homeownership rate, and homeowner and rental vacancy rates. The supply of rental units has been surging: Click on graph for larger image in new window. This graph shows the number of occupied (blue) and vacant (red) rental units in the U.S. ( all data from the Census Bureau ). The total number of rental units (red and blue) bottomed in Q2 2004, and started climbing again

Read more here – The Surge in Rental Units