Prices haven't started to come down yet, but inventory is really starting to pile up. A lot of places are staying on for 50 days now. What a difference a year makes when you could rent a place to two weeks.
It will be interesting to see how this shakes out. Unless things are worse than when the recession started, I wouldn't get too happy about finding cheaper rent. Prices were amazingly stable considering the US was flat on it's back during that time. It is notable the change in days on the market though.