Raising Rent On An Occupied Short Sale

[Jared Joseph]

Quick question that I can't seem to find or understand 100%. There is a multifamily triplex that I saw is a short sale and states that it is occupied as well. This posed a question that I wanted to know and wasn't sure about:

If I purchased the property and found out the tenants were paying rent well below the current market price, as a NEW OWNER am I allowed to bring the rent to market price with the new lease at the end of the tenants' previous leases, or do I still have to follow the 4% max rent increase (NJ)?