The only reason rents are not dropping yet is human psychology. Landlords don't want to accept that rents need to go down so they leave it up at the same price

The only reason rents are not dropping yet is human psychology. Landlords don't want to accept that rents need to go down so they leave it up at the same price even if it means that places go vacant for multiple months. In a perfect market rents would be down 15/20% already.