9.1% rent increase

I have been renting an apartment for 1 year on the south shore, my landlord sold the building just a few months ago. The new owners and management are doing renovations on the building as it is an old structure ( ie new bricks on the outside, fixing up old unrented apartments). I have received my lease renewal and they are wanting a $73.00 increase on $800 rent. I live in a 3 1/2. They are also saying I am obliged to produce proof of renters insurance before June 1s which will add another $15.00 to $30.00 to my monthly expense.

I spoke with the other tenants in the building who have much larger and cheaper apartments ( $600.00 per month ) and they are only receiving a $15.00 increase. What should I do? and why are they charging me more?

No significant work is being done on my unit.