Corrections in real estate market, be it rent or selling, tend to reflect economy in slower pace and depend greatly on location/overall attractivity. Owners get very quickly used to higher rent/property valuations, but are very reluctant to go down with prices.

It might be good for those high renters to simply move elsewhere in couple of months when/if there will be many free places on the market. This is experience from elsewhere, from +-2008, so it might not work out exactly like this of course, but generally I would expect so.