How do you handle a large rent increase on a new property

[Katie Jewell]

We are looking at a 32 unit property in which rents are $250-400 below market rents. Obviously this is great for our potential growth in the coming years, but how would you go about increasing the rents? Does anyone send out a letter upon acquisition letting the tenants know the property is under new management and to expect rents to increase by that much?

One tenant has been there for 24 years, and I know I would hate to receive my renewal notice and see my rents have increased by 60% without any warning.