Is there a rent increase cap in Michigan?

I live in Grand Rapids, MI. The rental unit we're currently living in was recently sold. It was bought by a property management company. We received a letter in the mail today stating that our rent was going to increase on March 1st from $710 a month to $1350 a month. We've lived here nearly 10 years now, and during that time our rent has gone up around $200 from when we first moved in, and all of a sudden it nearly doubles overnight! Surely there must be some law against this, right? I heard that typically rent cannot be increased by more than 10% per year, but I haven't been able to find any hard evidence of this yet for Michigan. Please help! Any advice would be greatly appreciated!