It depends on local regulations. There's no federal law that limits the rent increase, if given notice. Like I'm pretty sure NYC has some kind of rent control, but at least here in Oklahoma it's not common.

Edit: I found this, and I now feel worse

the state has rules that prevent local governments from creating their own rent control laws. In simpler terms, landlords in Oklahoma have the power to decide how much rent they want to charge without any legal limitations from the state or local authorities.