4 unit complex deal

[Ken Powell]

I am currently working on a deal to acquire a 4plex in Norfolk VA. The seller made some good renovation on the property and the property is in a good neighborhood. The rent is two low for the quality of the units and the location. The Seller stated that a couple of the tenants want to renew their contracts when the current one ends but I don't know how to tell them the rent is going up by $80 per month. Do I have to honor what was written in the previous contract (3% annual increase) since it was with a different property manager?