In the UK, it's not just low interest rates, it's also that the rules on renting have made it more attractive for landlords and less attractive for tenants. For example, you used to need a good reason to evict someone, now you can just evict them whenever you like.

Once you moved in, increases in rent used to be regulated. Now a landlord can charge whatever they want after the initial period and if you can't afford it you have to leave.

Landlords used to have to maintain and fix the property. While they still do in theory, in practise they often just threaten one of the two options above to anyone who wants a repair done.