You’d be surprised, Dave. Go look at the BLS rent index data for San Diego:

In 1989, the BLS rent index for San Diego was 144.6; CPI was 130.6
In 1996, the BLS rent index for San Diego was 156.0; CPI was 160.9

Real rent index for San Diego in 1989: 144.6/130.6 = 1.11
Real rent index for San Diego in 1996: 156/160.9 = 0.97

Real rents declined 15% (1.11/0.97) over 1989 to 1996.