Yes supply needs to be increased that’s the denominator, it’s slow moving and faces headwinds from far too much bureaucracy, high costs and now higher interest rates.
But there’s the numerator, demand in the form of population growth - if the pandemic showed us anything you can move that quite quickly should you desire to do so.
There’s a strong link between increases in housing supply and rent growth.
When dwelling completions rise relative to population increases, rent growth tends to ease.