How to Raise Rent

[Jason K]

I bought a commercial office building about 1 year ago. It needed serious updating when I bought it - fresh paint, remodel bathrooms, remodel shared common kitchen, new carpet in some offices, tiled front entry, and just a good cleaning.

Anyways there is 3 tenants that have been in there for 10 years and are still paying the same rent. Actually I got a rent roll from 10 - 15 years ago and the rent was actually more expensive than it is today.

New Tenants that have moved in have paid a market rate.

Now that I have the building in excellent shape, what is the best way about raising the rent to the tenants that our paying a lot below market rate. Also the only leases I have our for the new tenants, old tenants on month to month.

Thanks
Jason