Additionally the 3% rent increase theory may be true in aggregate, but doesn't take into account the real world practices of landlords. It's exceedingly common to list a property for a low lease then jack it up after the first lease term. They understand the friction of moving puts them in a better bargaining position the second year vs. first move in.

As a whole rates may increase 3% per year, but individually it will look more like a 7-10% increase the first year followed by 3% increases thereafter, unless you move.