What will happen to the SFR market?

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Home prices are beginning to either level off or come down depending on your area. Here in FL I'm seeing appraisals come in lower than expected.... There's volatility in the stock market which generally is the first indicator of a recession on the horizon.

I am hoping for a mild one, but preparing for a tough one.

That said, unlike the early 2000's, many folks gobbling up single family residences have been investors this past decade. As people lose jobs they will inevitably be unable to afford to pay the rent. This increases turnover and the pool of qualified renters shrinks.  

If you're holding a bunch of single family rentals how do you game plan for this? Is the response to simply ride the wave and minimize the effects on your cashflow to the extent possible? Basically hodl your way through the storm? Is it to reduce rents and potentially operate at a loss? 

I don't think we have seen a real estate market quite like the one we are seeing now where so many investors own so many single family residences that may have otherwise been under mortgage by the occupant, but are not due to credit or cash issues, or both.  

Sorry to be a debbie downer but would really like to hear your perspectives.