I’ve been following this rental market for a couple of years now and it seems like rents are starting to soften. For example, I don’t recall seeing any one bedrooms in the 92122 area code for less than $1300 and now there are supposedly some at $1165:

http://sandiego.craigslist.org/csd/apa/958805868.html

Rents on two bedrooms seem to be coming down even more than rents on one bedrooms. My guess is that unemployment and the extra capacity from the La Jolla Crossroads complex is helping to bring rents down.