FSD, you’re right, it’s not a big drop in rent. Even in real (deflated) terms, it’s only a 7% drop (CPI information is at the same website). Unemployment did peak over ’92-’94, but was only 7.1-7.9% (unemployment information is at the same website).

Last time around was a recession. This time around, with the $7.2 trillion in overspending that will need to be recouped (i.e., moved to savings), it will be a depression.