I disagree about “accepting” that rents are undervalued. It all comes down to what people can afford, what the market will bear. Housing prices artificially inflated due to funky loan products that made mortgage payments temporarily affordable (until rates increased). The same cannot be done for rents. If a landlord does try to get people in with “teaser” rent numbers and then try to up the price as happens with ARM’s, the renter simply walks away and finds something that they CAN afford. Face facts, the average person/family does not make that much money! No, not even in beloved San Diego…
