but if the top end of town downgrades their housing rentals they move in the middle end of town. Then your saying the middle moves to the lower. The lower is also the declining FHB market which means there will be no lower end as FHB are living in their houses atleast for the next 12 months. Where will all these people live then?? They will be forced to rent somewhere.. Meaning rents will rise. Supply reduced; Demand increased.
