That’s because you put half of the money down. The fact your mortgage is still 1.5x times what the rent would be even with a 50% down payment shows just how out-of-whack the market is.
I live in a newer place that I’m told was purchased for around $33 million. I pay $60,000/month. I’m sure that with a standard down payment, the mortgage would be at least double my rent.
The cap rates property owners here accept is crazy. My real estate friends in the US laugh when I tell them what people pay and charge here. While the housing stock here is generally shitty because of the property age and upkeep, it’s absolutely a renter’s market when you compare the rents to the property values.