In some markets, there’s plenty of supply - for rent - that no one can afford. Half my building is empty. Yet they charge “luxury” prices for a very much “unluxury” place. I’m one of a small handful of owners that bought before the “management company” came in. They had no choice but to accept us into their system. I’ve seen rent go from $700/1bdr to $2100/1bdr in 4 years.