Basically yes, but there are more things at play. For instance, if evictions are not being processed right now (or if there are very strong squatting laws in no

Basically yes, but there are more things at play. For instance, if evictions are not being processed right now (or if there are very strong squatting laws in normal times) this distorts the price discovery of the market. Actual demand will have dropped, but the resulting free supply cannot also come online because people will be living rent free. You can't rent out a unit with someone living in it. Please note that this isn't to say tenant laws are a mistake, but they do raise the price of rent for everyone.