www.reit.com The United States is witnessing a “fundamental shift” in the overall mentality towards owning a home, according to Ric Campo, chairman and CEO of Camden Property Trust (NYSE CPT). In an interview with REIT.com at REITWorld 2010: NAREIT’s Annual Convention for All Things REIT, Campo discussed his thoughts on the phenomenon known to some as “Renter Nation.” In the wake of the housing crisis, a growing number of Americans are choosing to rent housing, rather than owning their own homes, Campo said. Campo attributed part of the responsibility for the issues in the housing market to the federal government’s policies regarding owning a home. “Our housing policy nationally was just unbalanced,” Campo said. “The thought was that everybody should own a home, and our policies were such that they created too many incentives to own homes, especially for people who couldn’t really afford them.” As a result, the pool of potential apartment REIT customers is growing, according to Camden’s CEO. “It has created a tremendous demand for our business,” he said. Another key development for the industry has been the rise of social media, Campo noted. Camden is taking steps to boost its online presence as a way to engage with both existing and prospective tenants, he said. For instance, the company recently held blogging training for employees. “Social media and the Internet in general have changed the way we do business dramatically,” Campo said. “If you’re not in the social media …
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