Raising rents on long term tenants?

[Joshua Elizondo]

 I wanted to get some opinions on bringing rents up to market value. I’m closing escrow on a 4 Plex next week and there are two long-term tenants who are paying $995 per month.   They have both been there for over 5 years. Market rents are now $1300-$1400 per month.    I keep going back-and-forth with trying to decide what the best approach would be. A part of me would like to bring them up to market rents right away but then I risk the chance of one of them leaving and having to deal with turnover right away.   Is it better to do a small increase and increase my chances of them staying?