Remember when trolls said this would never happen?
One more thing the trolls were wrong about. But damn, this one was just so obvious - it's called supply and demand.
Remember though that the government inflation data's #1 component is rent, so get ready for deflation (or the statistical deflating of inflation).
Home Sellers' Pain Is Renters' Gain - There's one bright side to the housing crisis: some lower rents.
But in the regions hit hardest by the subprime crisis, finding a rental apartment is easier and, in some cases, cheaper than it was before the crunch. Some homeowners forced out by foreclosure are finding rental deals that are at "discounts of 50% to 70% off what they were paying on their mortgages," says Brenda F. Gerdes, who owns Management Specialists Inc. in Port St. Lucie, Fla.
Behind the trend are tens of thousands of unsold condominium units that are being dumped on markets such as South Florida, Las Vegas and Phoenix.