I think it’s safe to call this a fact in markets like the Bay Area.
In college three friends and I rented a 1000sqft 2 bed 2 bath apartment with one parking spot for $X, then the next year a 2000sqft 4 bed 4 bath 2 car garage for $1.15X. Per zillow, the owner was renting it to us for 0.3% of the purchase price. The only way for them not to be losing their shirt is crazy appreciation.
In college three friends and I rented a 1000sqft 2 bed 2 bath apartment with one parking spot for $X, then the next year a 2000sqft 4 bed 4 bath 2 car garage for $1.15X. Per zillow, the owner was renting it to us for 0.3% of the purchase price. The only way for them not to be losing their shirt is crazy appreciation.