Competition between the techies will do it, regardless of landlords (well, I guess the landlord has to agree in the end, but...).
Reality of the world is: most places suck to live in. Most people rather not hear a dog bark all night or have people drink screaming on top of their head. And if you can help it, most people rather have conveniences near by.
That leaves a very small subset of places where people would prefer to live if they can help it. That subset generally is smaller than the amount of middle upper class people in any given metro area. So they compete against each other for them. The landlords just make popcorn and enjoy the show.
Its more pronounced with real estate, where you can actually see actual bidding wars, and then its definitely between the buyers...but real estate value going up affects rent pretty directly.
The solution to that isn't very hard honestly. Make more places that people would agree to live in. There's kind of a plateau: if your neighbors aren't too noisy, you don't hear stomping over your head, your place is clean, and there's a grocery store near by, its enough for a lot of that crowd. Not everyone wants a mansion even if they can afford it.
Actually enforce city noise ordinance, build houses in brick, not in stupid cedar that falls apart about 5 years, have actual noise insulation....all of that isn't very expensive or hard to do when compared to the price of the land. Then you have a LOT of places high salaried people are happy to live in, and it delutes the market.
The difference in cost between building a place with paper thin walls, wood finishes, and a 20 gallon water heater, vs one in brick with premium insulation and a tankless is 50-100k, not 1-2 million. Look no further than Boston to see where all that goes wrong...
Net result: everyone with money cluster around the 10-15 buildings with acceptable condition, then anything built to basic standard is advertise as "luxury living", and you end up with prices skyrocketing.