In a competitive market (I'd say even the biggest investors own <10% of the markets they operate in), rents are bounded by competition. The bigger reason rents

In a competitive market (I'd say even the biggest investors own <10% of the markets they operate in), rents are bounded by competition. The bigger reason rents are going up is there is not enough supply for people to live in. Things like environmental reviews, zoning policy, mandatory low income units, and "historical" buildings make it very unappealing or impossible to develop new housing. At the very least, replacing all SFH with townhouses would give 2x density increase. Removing the height limit on new construction and allowing rebuilds of old apartment buildings without excessive permitting would probably give another 3x increase.