Rents will avoid falling here
That seems to be the response to my position that rents will drop, and there is never anything to support how they can remain.
CR has a post on how much they've dropped in Britain, which is interesting to me because it seems when I lived there housing was already far more utilized then here, ie, way more people already sharing accommodations. So what now, sharing bedrooms and sleeping on couches?
What will cause rents to decline in BC is that many of the units coming onto the market have been presold with existing buys needing to sell the home they are in. Some will try to rent when they can't stomach selling for what they consider a bad price (which next year they will be sick about not just taking their lumps and getting on with it.)
So, increased homes for rent from double home ownership, another problem will be fewer renters as they double up in going back to live with parents or more shared accommodations.
And, people will move to more affordable communities.
Rents will decline, no question about it. The smart owner will keep their renters by offering incentives to stay.
In Florida rents went down big time. I have a friend who is renting her condo there and she went from getting $8-900/month to $600 and it sat empty for about 6 months threw a series of rent reductions trying to get a renter.