Concrete made from portland cement is waterproof but it isn't moisture proof, nor airtight. It breathes just enough that the oxidation of steel isn't completely stopped. And when the rebar rusts it expands, which causes the concrete to crack, letting more moisture and air in, causting the rebar to rust faster.
There are solutions to this problem, such as using rebars made from materials less susceptible to rust (stainless steel or even carbon fiber), but for the most part they are either a lot more expensive or nowhere nearly as strong. And there is susprisingly little research into this considering how important it seems... our civilization isn't very good at committing resources to things that have payoffs longer than 50 years, so everyone continues to use plain old steel as rebar in their constructions. Meanwhile, the Roman pantheon remains standing, perhaps another couple of thousand years?