Rent increase for lease renewal

[Dulmi Heva]

Hi

I own a rental property in the chicago suburbs and the same tenant has been living there since I bought it in 2021. Due to recent property tax increases and association fee increases, I cannot keep up with the rent that I'm charging my tenant. The increase is about $125. What is the maximum you can increase rent by when the tenant renew a lease? Renewal is coming up in December. The average rent for a similar condo in the area is $2000. His rent is $1495. Since I bought the condo during pandemic, the rent started at $1425. Is there a way I can increase it to at least cover the increase in property tax and association fees? I heard the maximum you can increase rent by is around $45. Any insights would be greatly appreciated.