Why are NY/NJ rents so low in multifamily?

[Orlando Goodon]

I'm confused. I'm a new investor about to make first purchase and after hearing about how rents are surging, I've notice that most places I look at or are shows are low rent. $1300-$1500. I just looked at an $805k house with $19k taxes and the biggest unit rented for $1500 in 2020. As a primary residence this would be a big loss and the apartment is already renovated. I don't understand with limited places why this is so low. I mean the house is beautiful with nice yard and lake views. I'd think it would be more than normal but it's below market.

Clearly I'm missing something. I must not understand at all how rental prices work. Some major gaps in my knowledge. Lake view within hour of city and 3Br costs you what I'm paying for a 1br with no lake view and my apartment is well under market due to tiny kitchen and tiny bedroom and I've been here 10 years.

Where are all the $1800/month quadplex in NJ/NY, under $1M?