New rental property, existing tenant paying below market rent

[Ralph Roberts]

Hello I am in the process of closing on a property with an existing tenant.  The tenant has been there 3 yrs, month to month for the last year and is paying a bit below market.  The rent that is being paid is $1100 and market suggests $1600.  A long term tenant is great, but I would like to increase rents a little bit but would like some advice on how to proceed.

Thanks