The Joint Center for Housing Studies has reported that America's rental market may see some significant changes as the mortgage crisis continues.

Foreclosure rates have jumped from less than 200,000 a decade ago -- to a rate in the millions. While slower economic conditions are creating financial hard times for many individuals, much of the blame points to subprime loans, which skewed the line of affordability and reason for buyers in the past few years.

Say the JCHS, "Soaring foreclosure rates are one of the unintended side effects of extending homeownership opportunities to higher risk households with limited incomes and wealth. Designed to expand access to mortgage capital for these borrowers, subprime lending helped to fuel the decade-long homebuying boom. But as early as 2004, the number of subprime loans that were seriously delinquent (with payments 60 days or more late, and/or just entering into foreclosure) had jumped to over 260,000, devastating many low-income and minority communities—particularly in the industrial Midwest."

This bring us to the rental market. As homeowners lose their homes -- many of them will move back into the rental arena. The number of renter households jumped increased by 1 million in 2007 -- before the crisis even hit a climax.

These renters, however, may not be moving into high priced rentals. After coming off of a foreclosure, it would make sense that damaged credit and limited funds means that lower priced rentals would be the realistic choice for many households. The JCHS reports, "With so many lower-income renters competing for the limited supply of affordable housing, growing numbers of households find it increasingly difficult to make ends meet."

But affordability plagues them even while renting. While the higher priced rental are out of grasp for many households, decent housing at affordable rates can be nearly impossible to find. "Rather than sacrifice the quality of their housing, some households pay half or more of their incomes for rent and skimp on other expenses."

We'll report more on this growing issue in weeks to come.