While owning a home may be the American Dream, renting, at least for the moment, seems to be the new American theme.

"We've found that our vacancy rate is probably the lowest it's ever been. The rental market is very good today," said Tom Wagner, Vice President of Arbors Management Inc.

Whether it's a car or a house, the trend among buyers has gone from eager to own to dying to lease.

"What I think we're seeing is a fundamental shift in the psychology of consumers in the economy right now, and l liken that shift to an earthquake," said PNC senior economist Robert Dye.

Some refer to it as "Zipcar Capitalism" in reference to the company that rents cars by the hour.

With a high unemployment rate and lingering economic uncertainty, many consumers are fearful of purchases with long-term ramifications.

"We're getting quite a number of phone calls, in particular from single-family homeowners, that are unable to sell their property," said Wagner.

Arbors Management, one of the Pittsburgh region's leading property managers, said homeowners are playing it smart by renting a house for a while until prices comes back up.

But sitting on the sidelines may not be so smart for home buyers with a financial situation that is not in flux, especially with low interest rates.

"There are some great buys out there. Too much risk aversion is going to tend to shy households away from that, and that would be a lost opportunity," said Dye.

Related Links:

New York Times Renting Vs. Buying Calculator

Cars.com