"I think I follow your logic UT but I would still prefer to be renting at this present time."
That at the end of the day is your choice retrac. For yourself and guys like Hobo it may be the best option for your financial position as you are willing to invest the money else where. In a number of years time it will be your success or lack of success with these investments that will determine if you made the right choice. The average joe/jill will not invest the money saved they will just spend it on the here and now and as such will be worse off over time.
"when prices fall, so too will the asking price for the rents."
If the worst case scenario happens i.e. 40%+ market wide fall (or best case from the uber bear point of view) it is unlikely that rents will fall to the same degree. At the end of the day for a 40%+ market wide fall to occur it means that allot of people either won't by choice or can't enter the market so that means they will be renting and maintaining the price on rentals.
