"We need to take into account those people who are still employed but in these positions because of subprime mortgages," Culkin says. "We need to look at our credit scoring system to see if there's a way to make allowances for these people who, through no fault of their own, have gone through difficult experiences."

The NAA president says the organization and other industry associations want to drive firms to be more proactive in how they deal with this situation. In some cases, apartment owners have relaxed or altered their screening methods for employed renters. Other companies, particularly larger ones, have established rent-to-own programs that enable a portion of the rent to go toward eventual purchases. "I think our members have been very proactive in helping people who would like to move into their own homes, but doing it in a way so they know all of the variables that go into it so when the time does come to buy a home, there are no surprises," he says.

So, what impact will it have overall on the apartment market? While Culkin doesn't believe that the recent times have significantly impacted most households' desire to own a home, it has made them smarter or more aware of the issues they could face. "Everyone has a right to housing, and our industry is very strong in making sure we provide that housing, be it in the conventional market or affordable," he says. "Our concern is that if the subprime bankruptcies continue to escalate, we're going to have a lot more people impacted by this. We want to make sure, all else being equal, that these people find good homes for themselves and their families."