Rent increase after buying a property

[Scott Hickey]

Hey guys,

Just wondering what the rules are when it comes to rent increase (I’m in Newfoundland, Canada) I’m looking at buying another rental it comes with tenants that have been there for 5+years there paying below current rent value. Is it common to just put the rates up to what you wish on buying the property. Or does notice have to be given say “6” months to an increase.

Thanks for your help