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What can cause rent prices to fall?
Sure! Anything that affects the balance of supply and demand could cause rent prices to fall. I'll betcha rent prices in Wilmington, Ohio collapsed when the biggest employer, DHL, shut down. An economic depression of any sort would cause people to substitute expensive rentals for cheaper ones, putting downward pressure on rents. It would also cause people to double up or move in with family, decreasing demand for rentals. Anything that makes buying a house cheaper will actually make rents lower, too, because more people will buy houses when houses get cheaper... those people are moving out of rentals, thus decreasing demand for rentals.