The rental market is growing, as many Americans are unable to afford to purchase a home, has just lost a home to foreclosure or just plain doesn't want one. Currently, nearly 38 million households are renters.

The number of homeowners across the nation is at the lowest point seen in over a decade. Only 33.6% of the Americans today own homes, according to census data collected by Harvard's Joint Center for Housing Studies and The Associated Press.

Apartment construction has jumped 115% from it's low point in October of 2006 in contrast, permits for single family homes are at the lowest level seen since 1960. This provides work to builders, although it will not make up for the lack of construction in single family homes as apartments only account for 1/4 of all homes.

During the housing busts, mortgage rates were low enough that purchasing a home was often cheaper than renting, however today the rental demands are rising up the rents.

According to John McIlwain, from the Urban Land Institute, Theres been this idea for years, a part of the American dream, that owning a home improves and strengthens communities, but what weve learned over the past few years is that many people simply are not ready to own a home.