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Updated almost 15 years ago,
Household Formation in a Recession - lower homeownership rates plus increased rental vacancy rates
There have been a number of threads started on BP that talk about the housing market collapse not leading to increased occupancy in rentals. Here is a link to a study on this topic that shows that homeownership is down and at the same time vacancy in rentals is up. Doubling up and over-occupied housing are also mentioned.
http://www.biggerpockets.com/links/3179
Some of those other BP threads that I mentioned:
http://www.biggerpockets.com/forums/99/topics/47500-multigenerationalhousing-rentals-vacancies-
http://www.biggerpockets.com/forums/99/topics/47817-ready-for-another-15-2-decrease-in-your-city-
http://www.biggerpockets.com/forums/48/topics/47033-i-m-concerned-about-rental-market-you-
http://www.biggerpockets.com/forums/81/topics/39765-vacancies-continuing-to-rise-nationally
http://www.biggerpockets.com/forums/52/topics/29147-state-of-your-rental-market-