You say rent below the market rate...
Our old flat was £XXX a month. It was that when I moved in way back in't'late Nineties, and the LL never increased it as to do so would have meant bringing it up to a lettable standard and paying heed to slightly legal things such as gas safety checks.
Now, I do understand that prices do increase over time, but housing costs have increased ridiculously.
The market is driven by many things, but nothing...solid, IYSWIM.
It's mainly, to my mind, driven by greed and overcrowding.
Ten years ago a pal bought a 2-bed house for £120k, now it would be worth close to £500k. Why? Has is suddenly sprouted solid gold gew-gaws and frou-frous? Has it suddenly grown 12 extra bedrooms and a truffle tree?
Our house was built about 60 years ago, so the building costs have long since been covered, and where we were leased a house that was uninhabitally decorated - sheets of paper hanging off the wall, splashes of...well, it might have been gravy. Or blood. Or something that I don't even want to think about...everywhere, a bare, dusty garden, and we have decorated it to a high standard (am trained in fancy decorating interior design), and taken the bare dusty garden and transformed it into a lush oasis with a thriving veg patch in just 11 months.
The rent isn't subsidised. It's reasonable. It's more in line with what rents should be.
If the authorities did something about the private sector and all the empty buildings in the country, then we'd all be paying reasonable rent.