The price is fixed by supply and demand. If you don’t want to rent it for anything less than X, what are you going to do if you don’t find anyone willing to pay that much?

Other people may want to rent their properties for less for multiple reasons, including that the sum of their expenses may be less than yours.

In any other business, it’s not necessarily the case that your revenue covers your costs. Unprofitable businesses exist (and may be even “expected” in cyclical sectors).