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Today's paper said rental prices rose 4.7% rather than plunged.
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That is a totally contrieved stat.
It's similar to the average selling price "only" dropping a few percentage points. What it fails to mention is no one is buying the super cheap units anymore, so the average price may stay relatively static, but the quality of that "average" price home could be much higher.
Its the same with rentals. If no one was renting higher end units (Because they were just flipping them) the average will be lower, then if all the higher end units are now being rented out.