People often price rents by that the “need” to get. Once a home sits on the market for a while, then it’ll be priced at market rate.

If they have substantial equity. For many of the rentals with current exorbinant “need to” rents, they won’t come to market, the owners can’t handle that much negative cashflow a month.

The OP is thinking ahead well. If the owner is currently extended, their room to negotiate with a good tenant is very limited.