Rests and home prices are linked. A rule of thumb used to be a monthly rent would be roughly .5-1% of the value of the property. For instance, a 500K house would rent for about 2500 to 5K a month.
In my neighborhood where I live in Fl, it is about .75%.
DILs house rent in the .5% of value per month one city away.
I guess if one lives in more desirable areas where house values are extreme, one pays extreme rents.
There is nothing unique today from any other time except the media would love to see national rent controls along with a harness on evictions.