Why are 720p videos the same size as 1080p videos in the iTunes store?

Normally I rent standard definition videos from the iTunes store. They are around 1.3-2GB in size.
Today I decided to download high definition! But I am confused by the description. Although the video is available in 720p & 1080 p, the size for HD is 5.14GB. Why haven't they mentioned two sizes for HD? And how come you can't choose ?
In my preferences I have selected "prefer 720p", but if I have to download a file that is the same size regardless of 720p vs 1080p,  then I would rather download 1080p.

I checked a few old films and Amazon's prices match iTunes:
Oliver Twist (1948)
iTunes Rent £2.49 Buy £9.99
Amazon Rent £2.49 Buy £9.99 (or on DVD for £3.70)
Oh, Mr. Porter (1937)
iTunes Rent £2.49 Buy £7.99
Amazon Buy only £7.99 (or on DVD for £4.10)
The Scarlet Pimpernel (1934)
iTunes Rent £2.49 Buy £4.99
Amazon Rent £2.49 Buy 4.99
A Tale of Two Cities (1935)
iTunes Rent £2.49 Buy £9.99
Amazon Rent £2.49 Buy £9.99
excepting only that for some reason you can't rent Oh, Mr. Porter on Amazon. £9.99 does seem a little excessive for The Scarlet Pimpernel. I suppose it's a 'what the market can bear' calculation.
Interestingly:
La Dolce Vita
iTunes SD Rent £3.49 Buy £9.99 (HD Rent £4.49 Buy £13.99)
Not on Amazon except as a DVD £19.99 (of course it is a three hour film), but
Curzon Cinema (not stated if SD or HD) Rent £2.00 no purchase.

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