Credit crunch darkens rental outlook

Despite years of growth, real estate industry leaders expect the city’s rental market, which compromises 75 percent of its overall housing stock, to weaken in 2008 because of the credit crunch. Inability to obtain financing could slow the market, analysts say, even though residential rental properties are still in high demand. Demand for rentals has exceeded demand for condos in some areas because tougher residential mortgages have pushed some buyers into becoming renters.