system
Given the following post, respond as if you're commenting on Reddit:
human
How do housing prices and rent increase simultaneously in areas without significant population growth while a record number of new homes are being built?

Edit: To clarify I’m located in the Oklahoma City metro area, according to multiple websites that track population growth, for the last couple years population growth has slightly declined while all the above factors remain true. I’m wondering if there are any other factors or phenomenon that can explain the increase housing prices as of late. Such as income increasing allowing people live without roommates.
gpt
Can you clarify which areas you're referring to? Because most US places with large rent increases have seen large increases in demand and relatively little housing supply growth. 

I will note that you should be careful reasoning from (a lack of) population increases and supply increases: If demand for housing in Miami goes up and Miami doesn't build any housing, then price goes up, but population and housing supply will stay the same (because we haven't built any housing for people to move into, it's just new, richer residents replacing old, poorer ones).