There's no question that the rental market is down from last year this time but not nearly as much as the media likes to portray.
You're right, there are more properties available for rent these days. This in turn, benefits the searching Tenant rather than the Owner. With more selection, Owner's are forced to lower there rent to match other listings in an effort to avoid vacancies.
That being said, generally we are renting unfurnished 2 bedroom properties for only a couple hundreds less per month comparable to last year. The furnished market has dropped a bit more as you implied (3-4 hundred less per month).
Another notable is that lease term's are increasingly becoming shorter on average. Tenant's are searching for 3-6 month leases rather than 1-2 years in anticipation of further price drops.
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