I rent in LA from an older real estate agent who has our place paid off. It doesn’t have the ammenities of a high end place, but I was in a 1Br for 3 years and $750/mo, no increases. I just moved into the 2br to wait this housing crash out. It’s a triplex and the family in the back has been in a larger 2br 14years and has seen 3 rent hikes. Their monthly rent now? $800/mo.
Without a doubt those negatively affected by poor refi or purchase decisions on rental properties will definately be looking at their tenants for help. But they can’t arbitrarily raise it without fallout. If it’s too high, move. If they foreclose, maybe you can get a good deal on it, if not you move. It’s a pain, but you’re still better off.
If you can, find a landlord with the building paid off, not brand new or top of the line, but low rent. It’s a great place to wait it out.
People forget that owning the property isn’t all it’s cracked up to be. Would you rather be stuck holding the cash or the property? If you rent responsibly you will have the former.