Security deposits for existing tenants

[Jendayi Brandon]

Greetings all,

I just closed on a triplex. My first multi-family unit.  The previous owner has never raised the rents once each of the tenants moved in. The rents are low right now but the landlord agreed to supplement them for 6 months. They are all long-term tenants (20 years, 9 years, and 2 years) and it appears they keep the units and the grounds very well. 

My first question is, can I ask for increased security deposits when if I renew the leases so that it is more in line with the new lease amount?

Second question: What is the best way to get these rents closer to the market rate? The tenants are currently 25% - 35% below market with the leases ending 2/2/2022.

I am empathetic but want to be able to cash flow as well. AS it stands I'm breaking even.

Thanks for your thoughts

-DI llc