That's an anecdote (regarding a single market that's known to be an outlier). Meanwhile, my experience squares with GP's. Rents don't have to follow S+D because

That's an anecdote (regarding a single market that's known to be an outlier). Meanwhile, my experience squares with GP's. Rents don't have to follow S+D because downturn concessions can be covered by "specials" that effectively lower out-of-pocket costs for renters temporarily while keeping the market rate the same. Essentially, all discounts that would have been reflected in a lower market rate in the past are now internalized on a property manager's balance sheet.