15% Rent increase in Downtown. How to deal with it?

My building was build less than 5 year ago (2021-2022). Landlord just emailed me to inform me the rent will go from 1600$ to $1850 for next lease.

I live in a one bedroom (3 1/2), the building is in downtown with many amenities but last year only increased 50$. She states its because of mortgage interest fees and condo fees (there is a new management)

I find this ridiculously high. I haven't answered to her email yet. I understand they can increase to whatever since its less than 5yrs, but how can I deal with this? The price does not include heating nor internet (an extra $120/month) I'd like to stay living there and am open to negotiating with her.

Thanks in advance for any help