(Personally I've never taken that rate and have always found a new and cheaper place to live.)
Yes, that's a luxury of being fairly young and with no family in tow. I used to be like that; moving from place to place sometimes more than once in one year, with only enough furniture to fill the back of the car. Now that I have a wife and two small children, the pain of moving to another home is a massive endeavor. And then there's elderly folks who may have been renting the same place for decades; they may not own it but it's certainly their home.
Yeah, I know that renting when you have kids sucks for this reason, but at the very least a slackening rental market makes it suck less.
Side note: the first apartment that my then-girlfriend (now wife) and I moved into in Las Vegas in 2013 charged us $800/m. I just looked up the same apartment complex and now they're asking $1300/m. That's a 63% increase in only ten years.
I was paying roughly $900 for the lease I signed on my one-bedroom apartment in Sandy Springs in the summer of 2019. Last month I suggested to a poster on this forum that he try renting there, but then I looked at the price and the exact same unit was now going for $1350 for a 50% increase in three years. I'm glad I'm not renting now.