Greenwich homeowners, saddled with the worst sales climate in 30 years, are turning to the rental market. The number of single-family properties for rent in this suburb an hour outside Manhattan climbed more than six-fold this year as sales fell by almost half. More than 525 houses were rented or listed for lease through August, according to Eric Bjork, vice president and sales director for Prudential Connecticut Realty in Greenwich, home to more than 100 hedge funds.“Never in the market history have I ever seen anything like this where you have a whole group of the normal buyers in Greenwich renting luxury homes instead of buying them,” said Jeanne Howell, a broker for Greenwich Fine Properties.
By Oshrat Carmiel, Sept. 3, 2009, Bloomberg

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