After the recession, a number of consumers found themselves unable to purchase homes, and instead opted to rent until their personal finances improved.
However, according to the Wall Street Journal, this caused such a surge in rental prices that it has become more affordable to purchase property than rent in a number of housing markets.
"The rental market has been incredibly hot," HomeServices of America chief executive Ronald Peltier told the newspaper.
Additionally, Peltier noted that the current relationship between falling home prices, rising rents and mortgage rates hovering near all-time lows could drive prospective buyers back to the housing market this spring in droves.
According to Freddie Mac, mortgage rates remained below 4 percent during the week ending ending April 5. This is now the second consecutive week that rates have been below this mark.
Specifically, the government-sponsored enterprise noted that the rate for a 30-year fixed-rate mortgage edged lower to an average of 3.98 percent. Last year at this time, the rate was recorded at 4.87 percent. In addition, mortgage records show that the rate for a 15-year FRM averaged 3.21 percent after a slight decrease.