[advaita]

South bay anecdote: Rent was ~3.8k, I tried to negotiate on renewal (4- at same rate) saying market conditions dont justify it. The management refused to go below ~3.3k, now they are offering same apartment at 2.8k after I vacated.

That's deep decrease (~33%), I fully expect the effects to show up starting Q4.

[user5994461]

Exactly, the rental market is very illiquid, it could easily take a year for price to settle at a new low.

Landlords are stubborn beings always thinking they can rent easily and for more. Gotta take a beating with the property being empty for weeks/months before they adjust to reality. (Lettings agents don't care about waiting and pushing tenants out, they make fees either way).

Expect multiple hits downward over the coming year(s) as layoff benefits come to an end, personal savings dry up, evictions are reinstated, properties are foreclosed, etc...