How to increase rent during the pandemic?

[Mikel Kaubfa]

I want to start by saying I purchased a 4 family during the pandemic.

The tenants were paying around $450 for two apartments I would normally rent for $800-900 and $650 for an apartment I would normally rent from $1100-1200 so I added a contingency in the purchase agreement that the tenants must agree to a rent increase to $600 and $800 respectively but as you can see this is still quite a bit under the market price.

I don’t want to seem insensitive or anything and they are all good tenants but I am losing money on this property all the while making a ton of improvements to it.

Thanks for the advice in advance!