What does it mean that go rent signs are popping up everywhere where I live?

I live in LA, have lived in my neighborhood for over 6 years now, and within the past 3 weeks SOOOOO many “For Rent” signs have popped up. I’m talking like 12 on a single street. And I don’t mean just that one street, I mean like everywhere and that’s how dense it is on one streets near me

This feels like an indicator that economic collapse is here/on the verge of becoming undeniable

Is “For Rent” signs going up a sign of something? Like is this a well known or unofficial indicator?