[blackhawkC17]

People don't like taking responsibility, so they'll blame an external source instead of tackling the underlying issue—the lack of new housing supply.

The same story applies to most booming cities, both in the first world and third world. They'll always blame "greedy landlords," expats, private equity, tourists, and whatever the latest boogeyman is.

[janalsncm]

Usually any trend is the result of a confluence of factors. There are probably a dozen reasons why rents are up in any particular city.

It seems that constrained supply and consolidation in real estate companies are two causes. Both cause upward pressure individually, but together have an even more powerful effect.