Sunnyvale &amp; Mountain View are interesting cases because nearby employers have experienced hyper-growth and we haven&#x27;t had a recession any time in the last 4 years.<p>Rents absolutely did go down in 2009, oftentimes <i>way</i> down, with apartments that rented for $2000+&#x2F;month in mid-2008 going for $1400&#x2F;month by mid-2009.  There&#x27;s no incentive to drop rents as long as everybody is making more money and the apartments aren&#x27;t lying vacant.  There&#x27;s a pretty strong incentive when people start getting laid off and moving back in with parents or roommates, and places aren&#x27;t renting at any price.