Yes! You can rent an apartment that retails for a million dollars for $1500/month or less. It is just a huge property bubble, actual residential demand isn’t that strong.
Technically speaking (literally), a shack in Gangxia, Shenzhen can have market value from $1m to $2m, but nobody will ever sell it. They have no value other than of land under them.
Rents for a room there were around CNY400 per month 5 years ago.
80ies era apartments - also cheap, but quite a lot of them are in even worse shape than property in villages.
post 2000 housing - gets better, actually livable somewhat. Look for 4k CNY in good locations.
Western like proper highrise apartments - no less than 9k, availability is smallish. Everybody is looking for then. I was looking for one in Huafu area, but they just go too fast to even get sense of a price