According to Rich’s post a few days ago, rent did not go down. Rent only go down if it out pace inflation, which I don’t think it did. At least not in SD. It basically kept pace w/ income and inflation. a 2bed/2bath apartment in Mira Mesa around 1998 was about $900/month. A mortgage of a 1500 sq-ft 4bed/2bath house in Mira Mesa was about $1000/month in 1998. Just to give some perspective as to how low house price can go in regards to rent.
