I wouldn't be surprised if corporate-run apartments are more expensive. They're are usually renting much nicer buildings with amenities like air conditioning, parcel delivery rooms, gated parking, etc.
If there was enough supply, they absolutely would.
> They're are usually renting much nicer buildings with amenities like air conditioning, parcel delivery rooms, gated parking, etc.
It sure sounds like you've never rented. This is, in the vast majority of cases, not reality.
I have, in fact, rented in San Francisco. I rented from a small landlord in a building that had no A/C, no package room, no parking. I had to fix my refrigerator and shower mixer myself because she barely spoke English. But it was a cheap apartment! I also rented from a corporate landlord. It had a lot of amenities like a gym, a package room, and parking. But I paid a lot more for that apartment.
And most amenities are bullshit. They've taken ordinary, expected services and privatized them, externalizing the costs to residents for kickbacks, and made elective services like cable and internet mandatory through exclusive provider agreements to inflate revenue.
In aggregate, squeezing older properties subsidizes newer properties by equalizing returns. They're making just as much or more off of cheaper properties as newer "premium" ones.