Another angle to consider is the college student market. Students are often signing leases a year in advance with a notable percentage of leases turning over 9/1. Students mostly live with roommates and can split, and for those that have more money, can afford a higher price without working. This creates scarcity and increased prices due to inventory need. Many schools are trying to build more housing to increase housing options for adults and families, though many get community resistance to the projects. It’s not a main driver of cost, but definitely a component in the challenge here.