Rental prices are very possibly not determined by the market these days. RealPage and other companies like it may be colluding to fix prices at artificially high levels.

This ProPublica article covers the practice fairly well: https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent

EDIT: apologies, that was the wrong article. This is the one I wanted to link: https://www.propublica.org/article/yieldstar-rent-increase-realpage-lawmakers-collusion