[leetcrew]

I don't think this is a very useful way of looking at it. it's uncommon, but not unheard of, for people to rent more than one apartment in the same city. especially if it's a large city, someone with a lot of money might find it attractive to rent a small studio by the office and a larger space in a nice residential area. if rent were really cheap, I might lease a second unit in my building for out-of-town visitors. it would probably be more practical to just rent a 2BR instead, but in some sense this is the same thing. renting two 600 sqft apartments takes roughly as much living space off the market as renting one 1200 sq ft apartment. if rent were way cheaper, you would probably see developers start building much larger units and people renting them. indeed, this is often what you see when you compare housing stock in the city vs. the surrounding suburbs.