Many of the rentals are by people that cannot afford their mortgage. Take someone who usually pays $3,000/month but no longer can. So, they rent from someone who has a $2,000/month mortgage but no longer can pay and rent it tothe $3,000/month people. They think $2,000 is cheap.
There are loads of rentals on the market.
Renting is nothing but throwing money out the window. They'll have nothing in the end.
$3000 a month??? That's about the average gross household income in the US.