It's hard to tell, because it somewhat coincided with interest rates moving (first down, then now up), but it seems to have increased rental supply enough that

It's hard to tell, because it somewhat coincided with interest rates moving (first down, then now up), but it seems to have increased rental supply enough that the rental market is becoming competitive. Land prices generally went up, which you would expect when you can extract more rents from the same piece of land. More housing density = more rent per land area!