There was an article in the U-T about this just a few days ago. Rents, on average, are up 3.8% for the county. My personal experience is that the rent went up this year by the same amount that in the previous two years.

If rents continue to increase at 4% – 5% per year, and home prices continue to decline at 8% per year, renting will be about the same as buying in 2 years. This is assuming interest rates stay at about the same as today. Will it be a good time to buy then? Only if home prices level off.