Rent increases in multifamily and single-family rentals are a double-edged sword. They mean more profits for owners and operators. But they also punch above their weight when contributing to inflation and the Fed's perception that inflation is going to require patience from everyone. That includes some at the Fed who are certain that the baseline rate will increase by at least one full percentage point over today—and that it might have to hit 7%.

And that dovetails into the inflation numbers earlier this month.

"The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in October on a seasonally adjusted basis, the same increase as in September, the U.S. Bureau of Labor Statistics reported today," the Bureau of Labor Statistics reported on October 10. "Over the last 12 months, the all items index increased 7.7 percent before seasonal adjustment. The index for shelter contributed over half of the monthly all items increase, with the indexes for gasoline and food also increasing."