The apartment building market is a catastrophe right now. This article describes the "systemic and ubiquitous" problem of negative leverage in this sector.
Despite higher rents, investment in new apartments is a losing proposition, thanks to the Federal Reserve.
Median US Rent
As much as rents have risen, it doesn't make up for how much interest rates have risen. That's going to get much worse when the last year of deflation finally shows up in rental prices.