Same where I live. Landlords make no profit from rent. If they are careful then incoming rent will cover their mortgage and expenses but for many even that is not true and they make a loss. This has largely been driven by subtle changes in the tax landscape.

The sole hope for landlords these days is capital appreciation; they hope that eventually some time in the future they will be able to sell the rented property for more than they paid to buy it. I wouldn't put money on even that hope being fulfilled!