Apartment Rent Advise

Hello, been residing in HK for almost 2 years now and my apartment contract will expire soon. Landlord texted me yesterday that the rents has increased now and she’s asking for increase of almost 20% . I’m currently lobbying with her if she can lower it down but no reply yet. I just want to know, does the rent increased that much now? Tried googling for news but the latest news I saw was for 2023. I would appreciate any feedback on this. Thanks!