Good News for Tenants

Editor's note: As a special feature for April, TheStreet.com offers a 20-part series on virtually everything about real estate. This installment is Part 19.

Bad mortgage loans aren't the only thing weighing on the housing market.

In addition to the flurry of "for sale" signs sprouting up across the U.S. as homeowners try to unload property they can't afford, there is also a glut of condominium units under construction that could prove to be a drag on prices for years to come.

But that could be good news for tenants, as many of these condo developments are being converted into rental units. The additional supply should temper the rapid rise in rents, particularly in places such as Southern California, Las Vegas, Washington, D.C., and much of Florida. ...