Purchasing a new duplex... raise the rent?

[Dana Chun]

Hi there,

I am in the process of purchasing my second duplex. It's identical to another one that I own right next door. I am currently charging 1350 / month and most of the renters are college students. I am closing on the new duplex at the end of this month. The previous property manager (who is not licensed and her agreements with them are not technically legal) signed contracts for two new sets of tenants to move in starting June 1st (we will close on May 31st). The two sets of tenants are college students. They will have to sign a new lease with us any way since their current lease is not legal. The contracts they signed previously were for a rent amount of 1050 per month. The market rate is 1350. The parents of these students are also not on the lease I don't think they were screened properly (credit check, etc). I would like to have these students (cosigners) properly screened, put the parents on the lease and possibly raise the rent. I also want to be able to have a good relationship with the parents and the students. What are your suggestions here. I want to do what is right for the business but also what is right for the tenants.

thanks,

dana