Comment by mousethatroared

That's the first order analysis. It's correct within its assumptions, but it neglects leverage.

But if you bought a place before the pandemic you could lock in a ridiculously low interest rate for 30 years.

Now you have the value of the mortgage (leverage) locked at an interest rate lower than inflation. Let's say rent covers expenses and mortgage. The return on an initial $50k down on a 250k property might be around $10k/year, or 20%.

Tell me, where does one get an investment returning 20% annum?

Real estate is the easiest and safest way to leverage your investment.