My rent is $1000 under market value....

[Tom Liu]

So..I am a big boy now. Got my own first rental. Doing well, cash flowing nicely. My mom is asking me for help now. She has a duplex and for the past 11 years it has been renting for $1050. Rents in her area is now $2000 a month give or take. She wants me to help her raise the rent on the long term tenants. The place is pretty much worn out at this point. I would say market value would be $1700 in its worn condition. 

The tenants are renting month by month at this point. Have raised their kids there. Have been model tenants...likely due to low rent. Never missed a payment. Only issue is they do have like about 5 or 6 people in the rental even though it was suppose b 4 originally. Previously, we were counting on the rent and we were hedging our bets and trying not to lose the tenant. But my family is now all established and think it's time to raise the rent. How would you all approach this? Any input would be helpful.