Why would the math be different for apartment buildings? They also appreciate and they usually have better accountants to make sure no money is left on the table if it's available.
My theory is that single family homes get rented below what it costs to rent them and the landlords make it up via appreciation.
It's pretty obvious that there are places like this, where the rental prices are substantially below 1% of the purchase price (one of the "rule of thumbs").
In college three friends and I rented a 1000sqft 2 bed 2 bath apartment with one parking spot for $X, then the next year a 2000sqft 4 bed 4 bath 2 car garage for $1.15X. Per zillow, the owner was renting it to us for 0.3% of the purchase price. The only way for them not to be losing their shirt is crazy appreciation.