Renters Frustration!!!!!

So my boyfriend and I have been renting our house now for oh about 5 months now and we really do like the place. We even have went as far as to adding a studio for me to do hair!! Which by the way added value to the house. We have cleaned up the yards, which has taken quit a bit of money, time and dent in my pocket with the water bill alone. So where am I going with this you are probably wondering, well I am going to tell you. We just found out that our rent is going up to $1600.00 a month. We are currently paying $1230.00 and we knew that our rent would go up when our land lord said he was going to have the house appraised. But my goodness $370.00 a month are you kidding me!!! It just seems so much and that doesn't include our utilities. I know right it's outragous.
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In our minds it's just not justifiable to be paying some else's morgage at $1600.00 a m0nth when we could be paying our own morgage at $1230.00 a month. Why scrape making someone else's payments when we could be living comfortably making smaller and our own payments!!! And to add more to all of this we want to buy the house we are in but our land lord wants to wait and sell next spring so he doesn't have to pay capitilized on his profit. But we did our research and he has two years roll over time before he has to worry about that. How wacked is that!! Come on man just sell us the house!!! So what the heck do we do??? We have looked at acouple of places and have found that are options out there for us. So buying a place may be in the stars for us. But keeps your fingers crossed for us.. There is a matter of a lease and a landlord and approvals etc.......