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I also think more people are renting in SL now because the opportunities to do so have grown and been better advertised and because of the obvious benefits such as landlords who'll keep the bad 'uns away. I rent because by doing so I'm part of a community of like-minded people on an island where I don't have to worry about a red light district springing up next door.
With the advent of OpenSim, the decline will soon be greater.