Like everything here, you have to negotiate these days.
Reports state that rents are still on the way down, however those who have been in a place for 3 years or more are still paying way over the odds as landlords are actually happy to keep a long term tenant now. If he has to put a place on the market, he can never get the same inflated price as 2 years ago. My lease comes up in February and, if the landlord is not willing to drop the price again, it is an easy choice for me to wave bye bye and find an alternative.
The sheer number of new units coming on to the market in the last few years and a decreasing population, means there are bargains to be had again. But it will never fall back to the prices of 4 or 5 years ago.
Knight