As a counterpoint, one could argue that the normal price we'd expect doesn't factor in externalities like infrastructure and maintenance. So the inflated price

As a counterpoint, one could argue that the normal price we'd expect doesn't factor in externalities like infrastructure and maintenance. So the inflated price could, from an exterior observation, be in fact better aligned with true, long term settlement costs. The sad part is the inflated rents don't seem to go towards these externalities either, but to landlords' pockets and land managers' margins. Even though the price is theoretically correct, the market reflects it for the wrong reasons giving the sell side an undeserved moral argument.