A wave of new construction is lowering apartment rents in Sydney Australia

Source: Heads Up, California: Sydney Has Figured Out How to Get the Rents Down – Reason.com

A supply glut also lowered rents in Los Angeles in the late 80s.  Combined with the recession in the early 90s, the oversupply kept kept rents down for almost a decade.  Los Angeles developers never produced the multifamily unit count achieved in the 80s.  A few years of 20,000 plus apartment deliveries would lower rents.