Demand for a place to live is much more inelastic.

And rate hikes make it harder to purchase a home, by raising the cost of them. That forces out of the home-buying market those who would have bought a home at the pre-hike rate … and forces them back into the rental market. Seems to me like demand goes up.

(Certainly, it makes it harder for landlords to acquire new properties, but I think corporations are going to weather it better than people — i.e., people will be forced out of that market before corporations.)

Also new mortgages and variable rate mortgages get more expensive, and landlords need to charge more to cover their costs.

The increased rates make home mortgages unaffordable. This pushes housing demand to rents because people need to live somewhere. Rental prices increase while home prices decrease - bad, bad stagflation.