Finally, I remembered what my friend said:

"Owners can demand any rentals they like, it is important that the interest are aligned and sensible with the market. If market price is RM3000, demanding RM4000 is greed. If only one or few owners  are doing this, then it is fine. Owners are human and human make mistakes. If the whole building does it then it is entirely different scenario: Pack your bag and leave. Either they will got hit hard by market or they surely courting trouble from undesirable outcome.  From the information you mentioned, there is a lot of greed which is based not on facts but unwarranted wants and hearsay. How they arrived on the current rental asking is based on what owners commitments with cash back plus maintenance. Not supply and demand. Find a more sensible group of owners that have interest of the building in their heart. Be fearful when greedy and be greedy when fearful."