Yes, both sides of the residential equation have declined, rents and prices alike. Interestingly, however, investors are realizing that rents have suffered less than have property prices … 11% year-on-year decreases in rents versus 15%-35% in property prices. (Granted, rental numbers can’t take into account concessions, but accounting for one month of free rent across all apartments would bring the rent decrease to 18%, STILL on the low end of the property price changes.)
In August we noted how investors are now entering the market looking to buy, rent and hold. Particularly for those properties commanding <$5k per month, opportunities do exist to arbitrage the rent / buy equation.