For nearly a year, Jon Morin of West Seattle has been trying to sell the home he painstakingly renovated. He's dropped the price, tried to sell it himself and worked with an agent, but nothing has worked. Now he's running out of cash and is seriously considering renting it out.

As home prices continue to fall, many buyers are on the sideline, so many sellers are giving up and turning to rent to make some income.

But that, combined with condos converted to apartments and a slow winter season, has produced a good climate for renters.

Ali Wirth has rented four houses in Seattle over the past three years.

"Definitely, the price has gone down and there seems to be a little more available right now," said Wirth.

The latest statistics: Rental prices in the greater Seattle area have dropped nearly four percent in just the last three months of last year.

Compare that to the modest price drop from the same period in 2007.

Joshua Fant of North Pacific Property Management says he has to ask some of his clients to face reality.

"I might talk to them about lowering the price $50 or $100 to make theirs stand out over some of the other people that have the exact same price," said Fant.

Not all is rosy for renters, however. Vacancy is still only at 6 percent, and rates are relatively high, especially in the Seattle area.

Right now the average rental in the greater Seattle area is more than $1,100 a month.