People who rent need to develop some negotiation skills and use the current situation to their advantage. Some suburbs are experiencing increased vacancies. You need to see if your suburb is one of those. Check out the market. Call agents - even if you are not interested in moving yet - and ask if they will drop the price without even inspecting a property. This should give you a clue what you're up against. If prices are dropping ask your agent for a price drop for double the amount to try and get down to the level you are willing to accept.

Many will say no because you are in a lease. But if you're a good tenant, they will be scared to lose you in a place experiencing a downturn. My bet is saving a quarter of the rent is feasible right now.