Yes and no. Among the problems with rent are that there is a low level of switching between owner-occupied and rental housing in many markets. In the case of condominiums, especially, HOA restrictions on renting out a property. This is also seen in REO (bank-owned) housing, in which what could be offered as rental units are kept off the market to support both higher rental rates and housing prices, largely as a hedge to support bank asset valuations (and maintain bank solvency).