Raising rent on owner occupied property

[Kevin W.]

Hi all,

Long time lurker, first time poster. Just closed on my first multifamily deal (owner occupied) and there are existing tenants. They have an incredible setup, complete with the "nicer" unit in the home, central air, and an attic full of storage. Market rent is ~$1,200 for comps without storage and central air. They really have a SWEET deal. 

Their rent is $950, or $250 below market rate of $1,200. Rent has to go up when we take ownership, but how much? They are month to month, and have been in this unit for 2 years without expressing interest of leaving. Landlord mentioned they are some of the best tenants hes had (prepaying 3 months in advance upon traveling, always on time, quiet and respectful, meticulously maintain their unit).