Restriction to increasing rent in California in 2021

[Gannon Beebe]

A little background on my situation.  I own a condo in San Diego that has two tenants who meet my rental requirements together but not separately.  They are on a month to month term now.  The financially stronger tenant has found a better job out of state and submitted her 30 day notice.  The other tenant would like to stay if possible. I am in the process of sourcing another tenant however the rent needs to be increased. I am currently 12% below market value.  These tenants have been consistent tenants in my condo for the last 2+ years.  I chose not to increase rent due to COVID, not knowing if I would put myself in a bind with having a vacancy problem.  I will admit I was complacent on finding out if there were new restrictions or caps on the amount you can legally increase rent with the new regulations on rent control since I did not plan on increasing it. Does anyone know the maximum I can increase rent? 

My other option is to notify my remaining tenant that I will not be renewing his lease and then I can set my new rent at market value for a new tenant.  Since he has been there over a year I am required to give him a 60 day notice correct?

If any one can help I would greatly appreciate.  Thank you in advance.