"Detroit's Rental Market Outperforms National Slowdown"

While nationwide rents have slowed down, the Detroit area has experienced a decline in median rent by 1.06% year-over-year. However, this trend does not provide much relief for many renters across the US who are still facing rent increases. Cities like Cincinnati and Indianapolis have seen rent increases of 5% or more. The construction boom in the rental market has primarily focused on luxury apartments, with median rent in the US rising to $2,029 in June. The increase in supply is concentrated in a few metropolitan areas, leaving most tenants unlikely to see significant reductions in rent. The surge in rents has made it difficult for workers to keep up with inflation, exacerbating the long-term trend of rising rents and stagnant income growth.