On an almost daily basis I meet renters who need a new rental because the current Landlord did not make the payments and the bank foreclosed on the property. There are even owners who never made a payment on the newly acquired home , still took the rental payments and let the property go into foreclosure. It is a difficult market with renters also having an unrealistic outlook on the rental income needed to hold on to a property.
I warn tenants to be wary of homes with unrealistic low rents, you may need to move somewhere during the lease. Check the records and look for signs of neglect by the owner. It may well be a sign of things to come.
I expect the rental market to tighten and that will possibly result in more realistic rents for the property owners.
At that point renters may look to re-enter the depressed market and start thinking about buying.
It is good to think positive!!