Not sure if your comparison is so great.. are there apartments whose rent price fluctuates over 1000%?
Also subletting is not selling..
Also subletting is not selling..
2) You can view renting as a sale -- the renter buying the utility of the space in exchange for a series of cash flows (but not paying for the economic upside/downside). Financial markets have the ability to separate components of assets (ex. voting vs non-voting shares) and value them; there's no reason to not do the same here.
In that structure a sublet is simply a rent on a rent.
Point taken on how subletting is not selling.