I think it's a more complicated supply/demand story than that. The median price of units currently on the rental market is different from the median rental pric

I think it's a more complicated supply/demand story than that. The median price of units currently on the rental market is different from the median rental price. The supply side for "current rental market prices" is different than the supply for all rentals. Rental turnover rate for places that have been rented out for 10+ years is quite low. A disproportionate number of newly-marketed rentals in the last decade are comparatively recent conversions from resident-ownership to rental (hence, rising proportion of renting population), and the cost basis of ownership for those landlords is an OOM higher than landlords from a couple decades ago. We don't really know if the median paid rent "could afford" to rise to median market rent, I can't imagine that it would. That market rent prices are rising does not directly entail that more people want to live there than there are spots, the story is a bit more complicated.