Well, you can plan around your lease renewal ahead of time so there's no immediate surprises. Been a renter my whole life and if the price goes up at your place, or there are cheaper/more optimal choices, you want to be ready to vote with your feet and wallet.
The fact that the asking rate for rent went up so much clearly shows there isn't enough housing in the location, so getting people working construction into the area is kind of the antidote to ever-increasing prices
Take me for what I am -- who I was meant to be.
And if you give a damn, take me baby, or leave me.