Immigration and rent rises are unrelated, it’s more due to a pent up desire to travel causing landlords to look at short term accomodation (AirBNB) as a cash cow vis long term. Why get $600 a week when you can get that for a few nights a week and not have the long term wear and tear, especially given immigration was not happening during COVID when the rental crisis started. Land banking is not helping, I haven’t seen latest figures but places lick Docklands in Melbourne have a 10% occupancy on any given night.
That same pent up desire to travel is why airlines should be soaring, and it’s still happening according to the pundits that know.