They aren’t reasonable for what you are getting. There are old buildings with apartments that haven’t been renovated in 30 years that are riding this wave and increasing the rent every year because of demand for cheaper housing. If nothing has been done in an apartment for even 10 years objectively speaking, why is it worth $500 more per month? It’s supply and demand from the other external factors, but outside of that the apartment itself has depreciated in real value, not increased.