Well.. most real estate requires constant care and feeding, and as inflation is seen in material cost increases, labor price increases, utility increases, etc., rental prices will reflect that in the sense that increased expenses are passed on to the renters.

A homeowner bears those costs directly with nobody to pass the expense on to, so this absolutely affects them.

In theory it will make your mortgage easier to pay off - inflation favors the borrower if it's sustained long enough for the borrower to see their income increase. If you have an ARM though, you might be in for a bruising year or (looks at watch) three to four.