The benefit of rent is that they are allowing you to use the property for $1,000 per month instead of having you buy the property upfront for $1,000,000.
It had me read a bit and 1% is kinda normal for a normal home. If that pushes it to far above what people can pay or to far above what rents are paid for similar properties one would usually lower it.
If there is enough inequality in the area the 0.1% rent could be realistic.