Lessor wants to increase rent of residential apartment

Dear Pao,

Can I still increase the rent by 7 percent? I am a single parent who inherited my parents' small residential apartment. Since I solely take care of my two children, I cannot afford to have a 9-5 job. So, I merely rely on the monthly rent being paid by my lessee to cover my family's needs. I informed my lessee that I would be increasing her monthly rent by 7 percent. Please note that I have not increased her rent for the past three years. It is only now that I will implement an increase because all the prices of basic commodities have gone up, and I just can't seem to stretch our budget anymore. My neighbor said that I can only increase up to 4 percent. Is my neighbor correct?