The sale of homes has drastically dropped over the past several years creating an impact on so many different sectors. Additionally, many home owners are finding themselves in positions of not being able to afford the homes they are in, being forced into "short sale" or "foreclosure" situations.
What is happening is the pool of potential buyers is decreasing while the pool of renters is increasing. Thus, demand to buy is down and demand for renting is up. When you apply the basic "law of supply and demand" it becomes understandable why rental rates, in some locations, remain high.
Hope this is helpful
The "Eckler Team"