Do you think people are idiots and not looking at comparable units? It's not hard to jump on Kijiji, Craigslist or Realtor and see prices for rent are up A LOT.
If they aren't up then since when were 1 bedroom condos downtown $2000? Or basement apartments in SCARBOROUGH over $1000.
Just 1.5 years ago I told my wife she was crazy for thinking we could get $1750 for our place DT. Now a comparable place is over $2200 easily. And they are having bidding wars for those.