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Most jurisdictions have tenant protection laws that prevent such rent raises unless you did something wrong. If not the latter, I'd try and talk to some tenant protection organization in your area. They tend to be free consultation. If not, there's always a lawyer as well. You could even be entitled to getting money back if they did illegal rent raises.
There are zero protections where I live They could raise the rent 1,000% if they like.
Every complex in the area raise the rent at the same time from 1700 to 2000 for a one-bedroom apartment.
When I got the renewal offer I checked everywhere and I would have to move an hour away in an area where you wake up to gunfire to pay $1,700 a month again.
I spoke to the manager of the complex to negotiate the rent increase and they just told me it's the "market rate". I've spoke to other neighbors and they have the same rate that I do so it's not a 'punitive rate'
I had like a week to decide so I'm going to ride out this year and leave the area next fall.