Most likey we will see a period of low rent growth, or stagnation than actual rent declines. As explained before, LL’s HATE lowering monthly rent. More likely you will see “get the 13th month free” or “1/2 off 1st months rent” buydowns than never get reported in those annual serveys. (this is roughl akin to an interest rate buy down. I am sure HLS could get you a 4% fixed 30 year morgage today, if you are willing to pay the points. It sounds great, but it isnt really a 4% interest rate.)

I also feel this will coinside with a steping up of the trend seen in the past few years or so of domestic out migration of residents of SoCal. The difference will be that we will see a drop in international immigration to the area, meaning an overall slowing or reduction in the SoCal population. No faster way to reduce housing prices and other economic pressures than to reduce the population supplying those pressures.
Most of my friends, all college educated hard working twentysomethings with great futures, are moving from the area. NY, Baltimore, Vegas, Seattle, Texas; anywhere the cost of living isnt so bad. This will catch up with us in a few years when they should have been buying houses and having families.