The renter has become king of the real estate market because of a set of unusual conditions.

First, there's a huge shadow rental market composed of involuntary landlords who own property they can't sell and are instead renting it out. Second, people are opting to live with relatives or friends instead of renting when times get tough.

It's a classic case of too much supply and too little demand. Recent stats suggest that the number of vacant properties in the United States is the greatest it's ever been.

In addition, the rash of foreclosures has not created much additional demand for substitute housing. Why? So many of those foreclosures were never owner-occupied to be with! It was mostly speculative buying.

So the great news for renters is that they're calling the shots. Occupancy has fallen for 3 consecutive quarters. So look around for the signs on the side of the road advertising great rental deals.

Just know that you can't simply ask your landlord for a better deal and expect it to materialize. You've got to shop the market to see what other deals are out there. And then you've have got to be willing to walk if your landlord will not meet the offer you find somewhere else.

Keep in mind that you'll usually find the best rental deals from a desperate owner of an individual property. Beware, however, that an involuntarily landlord may not be quick to reply to concerns you have if something breaks.