Back in 2021, a major private equity firm acquired 66 apartment complexes across San Diego, California, securing control over 5,800 rental units in a single move. What's striking is the trajectory since then: rents from this portfolio have surged dramatically. Starting at $1,696 per month in 2021, average monthly rates climbed to $2,339 by 2024—that's a 38% increase in just three years. The numbers tell a story about how institutional capital reshapes housing markets. When mega-funds consolidate residential properties at scale, pricing pressure typically follows. San Diego's case illustrates a broader pattern worth watching: institutional investment flows into real estate have fundamentally altered the rental landscape, squeezing affordability while generating substantial returns for asset holders.