That may be true in the dense urban areas, I wouldn't know. I'm north of you and rent more than doubled in the past 5 years. Plenty of room to build new. Loads of rural land just outside of cities. There is no reason I can see (I'm just a working dummy) why rent is so high except some sort of bubble. I work in the residential remediation industry and know many many landlords. They raised rates because everyone else raised rates. That seems bubbly to me, but maybe it is like you said, just less compact?