Comprehension Question Regarding Interest Rates

[Aaron Webster]

My apologies for the simplicity of the question. Why exactly, does a rising interest rate diminish the appeal of owning real estate for the purpose of renting or flipping (for investors)? One can assume this is due to the increased cost of borrowing and subsequent decrease in return but is this not equally true for competing investments classes such as equities or bonds? Just trying to understand why investors shy away from real estate in a "rate rising" environment.