According an interesting article: Best Renters' Markets to Forbes.com would-be buyers are renters, who wait for the housing market to bottom out.  Similar to a buyers' market in the residential market, the best renters' market occurs when supply is abundant, growth in price is flat and renters are able to get the best value for their dollar based on location and space.  Furthermore, at this present time, as the housing inventory continues to increase, the rental market has proved the best alternate plan for potential buyers.

Read the entire article: Best Renters' Markets on Forbes.com
In Pictures: Best Renters' Markets on Forbes.com