Like a lot of things there will be a bell curve of rental rates. On one end are the bargains, on the other the vacation rentals with high prices. My guess is that the higher priced rentals will drop in percentage more than lower priced ones. Is it possible that those people who have considered moving here at one time might speed up those plans ?, or will they be stuck where they are due to being unable to sell their house. ( for the price they want, not the market ).