Sure …
If rents fall, then one should adjust the anticipated price range downward accordingly.
Similarly, if interest rates are outside of the range assumed then one would have to adjust price expectations also.
I am not really predicting the future of these parameters, just using current ranges for both in projecting forward.
One thing I learned from this site is that deviations from the long-term trend tend to revert.
Rents have risen roughly in line with inflation for the past three decades. So, real rents may decline (nominal rates lower than inflation) n the near term, but I do not try to outsmart the averages.
