Las Vegas residents are renting.

The residential real estate market is turning its back on many low- and moderate income people. First it was the surge in home values that pushed many out of range for home ownership. Even though the market is now softening, it's not enough. Not yet anyway. Then came the mortgage industry woes. The subprime banks that cater to them have run into some heavy turbulence and as a result are tightening their lending requirements. That's a double squeeze for a hopeful homeowner.

So, many are discovering that they're better off renting for now and when the market stabilizes, then go back to their trusted mortgage lender and apply. In the meantime, apartment owners are enjoying the favorable fundamentals. Isn't that the way it usually goes, that when one sector is hurting, another is riding on smoothly.