How to increase rent as a new landlord for a long-term tenant?

[Anran Wang]

Hi everyone,

I came across a rental house with good potential. The good part of it is, the long term tenant has lived there for over 9 years and they pay rent and are not likely to leave, but the downside of it is their rent is under the market value. There is probably not much for us to offer them. What should I do? How should I raise the rent to the market value so my number would work?

Thank you for any advice.