Correlation Between New Units and Median Rent, 2021-2024

Correlation is measured between -1 and 1. Values closer to -1 indicate an inverse relationship (more new units is correlated with rent declines). Values closer to 1 indicate a positive relationship (more new units is correlated with rent growth). Values closer to 0 indicate little-to-no relationship. The correlation values below are all negative, indicating that for this time period, the more new units are added, the more the median rent will likely decline.