Things scarce in availability but high in demand are often described as being at a premium. Post-pandemic, bicycles became hard to find, putting them at a premium.
Pro Tip 2/3
Desirability
An item at a premium can be both difficult to acquire and highly desired by people. In the overcrowded city, an apartment with a view is at a premium.
Pro Tip 3/3
Emotional Context
This phrase can carry an emotional weight, such as desperation or urgency, to secure something. During the blackout, flashlights were at a premium.