I'm a landlord. We were tenants for 6 years before we purchased a place in MD and then, 3 years later, found ourselves in Florida as tenants again for 2 years until we purchased the house we were renting here (called a pocket listing/sale) 3 months ago.
One of the things that people are unaware of is the fact the you are signing a contract that does NOT state how much your rent is going to increase SHOULD you renew it after 1 year. When we were sent the rental contract for this house the FIRST thing I asked was "were is the rent increase percentage in the lease?" There wasn't one. Why? Because Florida doesn't have to offer that. Well, guess what... I WANT one and will NOT sign it unless it's there. Oh, and we're going to sign a 2 year lease so....no increase if we do that. The agent was...surprised. However, the landlord agreed and it was added. How many people do that? Very, very few.
I learned about this decades ago. Apartment complexes USED to include the percentage of increase in their lease. Now you have to ask. Why? Because companies realized that people DON'T READ THEIR CONTRACTS. So, they don't bother putting it in and this way, can raise the rent whatever they like. Interesting enough, in many states, when you rent through a Realtor, THEIR contract DOES include the rent increase percentage (MD is one of them. 5% is standard). My tenants all have that 5% increase. They know it up front when they sign so no surprises. If they sign up for a multiple year lease, no increase at all. Contracts are there to keep both parties flying straight. But if you don't READ your contract when you sign, then you really don't know what you are agreeing to. The massive rent increases can only occur if there was nothing in place to protect the tenant in the first place. Think about that.
Is it fair for the landlord to increase it so much? Depends. I have a dear friend who was unable to collect rent from her renters because they claimed they "didn't have to because the President said so". She couldn't evict them either despite the violations she received from the HOA about their behavior and complaints from the neighbors. Yes, she could have filed for the money to help her out with the mortgage but guess what? The state was so slow to offer assistance, the site was often down and in the end.....it simply didn't help her (or others) fast enough. Long story short, she fought (and won) to keep her house out of foreclosure (GOFUNDME) but she has spent THOUSANDS repairing the damage the tenants did. Have they been held accountable? Well, her case is slowly moving through the courts as they are backed up and MAYBE in 18 months she'll have her case heard (she filed a year ago). Not to mention all the fees she has had to pay up front. She is increasing the rent far above what she once charged. She also will be charging for more up-front to move in plus a few new requirements due to what happened. She will now use a Realtor to find her tenant. Never again will she be tolerant/nice/understanding. Sad but that is what happens when you're used by someone.
There are enough bad apples around to ruin it for all. You also have to deal with property taxes being increased, HOA fees being increased, community fees going up, contractors doubling their fees (that has been a nightmare, let me tell ya). I won't comment on the corporate rental situation because that is a beast of a different nightmare. For the record, the amount of PROFIT we made on our TH worked out be a NEGATIVE $10 A MONTH as per last years' taxes. This year it will be even less. But the mortgage is being paid and that is what matters to us as we are passing this home on to our children (along with both grandparents' homes). Not every landlord is doing this for profit, let me tell ya. Sometimes it's so you'll have a home to come back to once you retire (if you get to).
*Four Seasons once again*