I don't know for a fact, but my guess would be that it takes time for the rental market to catch-up to the owneship market - housing prices could run away over the course of a summer (see: 2020-2021), but rent for a given unit usually get reset once per year, and if you have good tenants there is incentive to not run up the rent too much to scare them away - so a given rental unit could stay in the same price range for several years, depending on the circumstances.