Investors are buying up foreclosed single family homes and renting them out. Some of the people who are renting them are the people who have lost their homes in a foreclosure situation. Families who have had their homes foreclosed on are looking for single family homes to rent because that's what they are used to. They prefer a backyard to an apartment. Investors are buying and renting these homes because flipping homes in the current market does not bring a quick profit anymore.