What percent of home value should rent be?

[Joe Splitrock]

I was listening to an old Bigger Pockets podcast and they stated as a rule of thumb that rent should be 2% of property value (or maybe it was purchase price). I have homes worth $160K that rent for $1100. I have seen comparable houses listed as high as $1200 rent, but still that is well under 1% of the property value. Is anyone else in this situation? My properties are nice single family homes and the tenant handles all utilities and lawn/snow, so I only have repair and tax/insurance as costs.