Rent prices are up in Indianapolis

• Other cities with fast-rising rents include Miami (up 9.5%), Cincinnati (8.2%) and Newark, New Jersey (8.2%).

Why it matters: Indianapolis is experiencing a housing price shock that is transforming the market from affordable to unaffordable almost overnight and leaving low-income families with dwindling options.

Zoom out: Low-priced rental homes are disappearing across the state.

• Between 2019 and 2021, Indiana lost 41,000 housing units that had been priced at $600 a month or lower, per the Harvard housing study.
• The report attributes the reduction in affordable units to rent hikes, property upgrades and conversions to owner-occupied houses.

What they're saying: "Such substantial losses, particularly in states with historically lower rents, make it even more difficult for households with low incomes to secure affordable rentals," the authors write.

The big picture: U.S. rent growth has slowed, and in some markets even reversed, Axios' Emily Peck writes.

• National asking rents on new leases in May were a modest 1.5% higher than a year earlier, according to CoStar.

• Notable drops: In Austin, rents are down 2.7% from last year; in Las Vegas, -2.9%; in Orlando, -0.3%; and in Phoenix, -2.8%.

Reality check: Most price cuts and stalled rent growth reflect discounts on upscale apartment buildings, especially in areas where lots of new apartments are opening at once.

• Discounts and apartment incentives can be found in Indianapolis, too, but they primarily benefit middle- to upper-middle-class renters.

The bottom line: Indianapolis is losing its historical affordability advantage, largely at the expense of low-income renters.