Buying a Rental Property with Tenants

[Miguel Lazo]

I'm considering buying a duplex property, but the GSMLS states that the renters' lease does not expire until 2022 and 2025. In addition,  the rents are about 15% below the average for this area in New Jersey. Can I have them sign a new yearly lease with higher rents or if I buy the property do I have to stick with their original lease. I'm assuming since I'll be a new landlord their lease is voided??