The more important question is, how does your rent compare to the rents in similar condos? It's not clear if you are the landlord or the tenant, but either way, if your rent is already above market rate, increasing it 5% will be too much. If your rent is 10% below market rate, increasing it 5% might not be enough, at least from the landlord's perspective.
As a landlord, I leave my rents slightly below market value if I have a good tenant who's been in my property for more than a two years. That is more economical for me than to spend money on cleaning, touch up painting, advertising, vacancies, and my most dreaded task, selecting a new tenant.
When a tenant moves out, and I spend hundreds and sometimes thousands of dollars getting a property ready for a new tenant, in this market, it makes sense to raise the rent. My rental increases over the years have in some cases lagged behind the increased property tax, insurance, water bills and maintenance costs.