If a landlord bought a decade ago their carrying costs can be a fraction of what they would be today. So they can still cover costs at a rent level far lower t

If a landlord bought a decade ago their carrying costs can be a fraction of what they would be today. So they can still cover costs at a rent level far lower than buying today. And in HCOL places it’s not unusual for the landlord to not break even on a new purchase when you add up all the costs. Price appreciation (hopefully) makes up the difference.