They usually do, so news that, at least in Britain, rents are dropping is worrisome to those who have hoped to see a bottoming – out of home prices – that would be all of us property owners.
The rent/sales price ratio here in Greenwich have always defied national norms, presumably because most people prefer to buy, rather than rent here. But we are certainly witnessing a substantial drop in rental prices, if not rental activity. I know of no landlords who are looking for a rent increase these days – at best, they’re hoping they can get a tenant to renew at the current rent, and many tenants are balking.