Slowing housing market stems conversion of apartments to condominiums
MSNBC.com
Growing demand for rentals stems from many factors. Buyers are finding the market less affordable, leading to fewer sales and a greater pool of renters. And conversion of condos took rental inventory off the market. Now that demand for condos has cooled, conversions are slowing and in some instances, condos revert back to rentals.
“There was a huge craze,” said Larry Leitzman, a Tampa-based research and marketing coordinator at Grubb & Ellis, a national real estate agency. “Everybody was taking apartment buildings and converting them to condos. A lot of them are reeling them back in and taking the apartments that didn’t sell and converting them back to rentals.”
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