The housing landscape underwent a seismic shift as a result of the foreclosure crisis and the wider recession that began in 2006. The rate of homeownership fell dramatically after more than a decade of unsustainable growth, returning to levels last seen at the beginning of the housing market boom in the mid-1990s. As homeownership rates fall, the proportion of renters experienced an equally dramatic climb. The foreclosure crisis has driven millions of former homeowners into the rental market. In addition, the number of young adults and senior citizens facing economic hardship is on the rise, sending even more people in search of rental units. All of this contributes to a tightening of supply and a steady increase in rents, with no relief in sight. Renters currently represent approximately 35 percent of all households, with far higher percentages in many major cities. There is no reason to believe the rate of homeownership will increase in the near future, and mounting evidence indicates it may fall further