Renters are scaling back from high end rentals in recent months. Over the past few years, many people have lost their homes due to foreclosure or hardship resulting in short sale. Until recently, conventional wisdom said that 
those people still needed a roof over their head about as big as the last because they have that much stuff. No matter how neatly you stack it, you can't fit 2,500 square feet of stuff into 1,6,00 square feet of house. These people were comfortable with the fact that they would have to pay higher rent because they don't have the credit scores a landlord wants to see in an applicant.
Well, now it seems that some people are actually learning their lesson, scaling back, and refusing to pay high prices for the house size that got them into trouble in the first place. Instead, they are downsizing, selling stuff or giving it to charity, and curtailing the extras that aren't mandatory. After all, if you only have use for the guest room once a year, couldn't an air mattress in the den suffice instead of having to pay for the extra bedroom?
Of course, there is a lower limit to how far people can scale back, so this will take different forms at various price points in the market. Certainly every local market will have their own driving forces too, but it is worth noting. It could be that people are finally getting it.
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