BobS
Bugs please give us some evidence that “…actual rents are coming down.” That would be news to me.
Outside of hard-hit areas such as Temecula, I’d be surprised if you could find areas where house and apartment rents are coming down.
The best predictor of where rents are going is the vacancy rate. Right now I believe it is about 5% for San Diego overall, with some pockets where it is higher and some where it is lower.