I don’t see how rent can rise alot without income rising along with it. Sure, it’s cheaper to rent those million dollar house for $3000-3500/month, but how many people can afford that. Also, if you do spend that much on rent, wouldn’t you consider buying a 600-700k house for similar mortgage? to afford $3k/month in rent, your monthly income would have to be $6k/month to make sense. That put you in the mid 100k/yr salary. That’s alot more than the $60k-70k median income.
