"Apartment Construction Boom: Mixed Impact on Renters' Wallets"

The boom in apartment construction in the U.S. is helping to curb rent increases on a national level, with median rent rising just 0.5% in June compared to the previous year. However, this trend is not benefiting all renters, as many are still facing significant rent hikes, particularly in cities like Cincinnati and Indianapolis. The majority of new construction is concentrated in a few metro areas and consists of luxury apartments, which rent for over $2,000. While the increase in supply may moderate rent increases over time, it is unlikely to significantly reduce rents for most tenants, exacerbating the affordability problem.