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Tax credit programs inspire incentives for renters

February 17, 2010 - While the implementation and extension of the Federal Housing Tax Credit program has encouraged many prospective buyers to become homeowners, some real estate agents claim it has caused a dip in the rental market.

According to recent statistics, nearly 11 percent of rental homes across the country are currently vacant - the second-highest proportion in 40 years, WBAY reports.

Some realtors are blaming these figures on the large incentives to buy, which have drawn many renters out of apartments and into mortgage contracts.

Consequently, many landlords have begun offering incentives of their own to encourage potential tenants to sign a lease.

These individuals are giving out "gas cards, gift cards, flat screen TVs - anything to try to make an incentive for that renter to come to their property versus the next property," Kathy Kintopf, an account executive for the Wisconsin-based agency Start Renting, told the media outlet.

In addition, average monthly rent prices are on the decline nationwide.

According the RealFact.com, average rent in the U.S. dropped 6.1 percent last year to $933 per month, the Daily Skiff reports.

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