Renting an apartment in Shanghai isn't necessarily that expensive, it just costs a lot if you want to buy one.
E.g. here are listings for 1000 yuan per month or less: https://sh.zu.fang.com/house/c20-d21000-n31/ I wouldn't believe any of the other claims made (e.g. the size is probably exaggerated), but behind each of these listings is someone willing to actually offer living space for that price.
The highest price category on that site is 8000 yuan or more, which is $1163.2 according to WolframAlpha.
Real "bottom" for non-shared apartment in Shanghai is ~3000 rmb (~$500) for a smallish place with a 1+ hour commute. Rents in the downtown are around 10000+ rmb.
I paid 1600 RMB per month for 18 m² in Minhang, fully furnished, with cooktop in a corner of the living room and own bathroom. Your "bottom" is not the actual bottom. Those places for 1000 RMB or less are super tiny (as I said, the size on the listing is exaggerated), but they do exist.
E.g. here are listings for 1000 yuan per month or less: https://sh.zu.fang.com/house/c20-d21000-n31/ I wouldn't believe any of the other claims made (e.g. the size is probably exaggerated), but behind each of these listings is someone willing to actually offer living space for that price.
The highest price category on that site is 8000 yuan or more, which is $1163.2 according to WolframAlpha.