Yeah, ten years ago any apartment complex near campus that had undergone any renovations within the prior 15 years was being marketed as "luxury."
Most of them were still cramped places with terrible materials and paper thin walls. The students living in them were frequently heavily dependent of financial aid or their parents had saved diligently for 20 yrs. There were some "elites," but most of them were international students.
Or we should switch to talking about affordability indices rather than inflation. Inflation isn't a particularly informative figure for most people. What people really care about is the purchasing power of their income, not what the change in dollar value is.