Much of the available housing inventory used for rentals

Many unused homes have been used as rentals.

A report from Moody's Analytics showed that more than one-third of the U.S. housing inventory has been rented, and the figure is expected to continue its climb as the year continues.

HousingWire cited the Moody's report, which explained that vacancy rates for multifamily properties declined in 2011, but this was a theme for every other property type, as well. Specifically, vacancies in large multifamily units – those with five or more living spaces – dropped to approximately 10.5 percent, much lower than the 12.5 percent mark at the start of 2010. Despite this, the organization does not think that this will not create a bubble.

"Acceleration in apartment construction exceeds that of single-family construction, but in the context of longer term trends apartment construction is not keeping up with households," Moody's said, according to the news source.

The report added that single-family properties are not being built at the level that was initially expected, according to the news source. However, converting existing single-family properties to rental units could help build supply significantly.

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