> Homes almost always offer more space and utility for less than rent would

1. you can rent a single family house so the space and utility are the same

2. if interest rates recently increased very rapidly, the owner can afford to charge rent much lower than the current mortgage would be because they are locked into a lower interest rate.

I don't think so.

A rental house is almost always more expensive if it's an apples-to-apples space, or the renter's use of it is significantly restricted even though it looks similar. Sometimes both.

There can be temporary mispricings of rent vs mortgages, but they correct, and they go in both directions. There are always small mispricings in housing markets that let individuals do exceptionally well (or be ripped off.)