Can I request a higher rate than what is in the renewal clause?

[Alexandra Isenhour]

How enforceable are option to renew clauses in leases? I bought a building in 2020 and the current tenants price per square foot is very low. Their lease expires in August and they have reached out to renew. Their renewal clause has a 2% increase per year for three years, obviously rental rates are not what they were in 2017 when this lease started. Can we request a higher rate that’s closer to market value? Or do we have to honor the 2% increase?