Actually his expenses are rising also! Repair costs for plumbing, materials such as paint etc. Also insurance of the apartments like houses and automobiles is out of sight also. If it is a larger complex employees are demanding higher wages also!
Everything from energy (heating, water and electricity) costs are spiraling out of control. As I am sure you are aware. Grocery prices have increased 20% alone with little economic respite in sight!
At least decades before when there was inflation there was hamburger, pasta and other staples to get by on until prices were brought back down to normal. Nothing is cheap now!