2% rule, do people really use this?

[Ellie Ryan]

I've been scratching my head at this 2% rule of thumb to determine the rent price of a property. I know it's more of a guideline than a rule, but I just don't understand how I could get away with charging $6,000 a month on a $300k house, which is the average price in my market. Houses in that price range rent around the $1,500 - $2,250 a month, which makes more sense to me. Can someone tell me if I'm missing something to this 2% rule??