How does the economy crashing affect multifamily rentals?

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The economy crashing is obviously something people will have to worry about in this business. How does the economy in a time like 2007 impact multifamily rentals, though? It's obvious how it would be negative for people trying to do flips, but do rental rates drop drastically at a time like this, or are they usually pretty consistent? If you're in a place where rentals are usually relatively stable, does a time like '07 make any drastic changes to that?