Troubled Multifamily Properties in Minneapolis

[Blake Wash]

Hello Again BP

Thank you all for responding to my previous post.

I have a problem, I currently own a 75,000 sq ft warehouse space in which I am renting out to tenants temporarily until we commence the new build development. The PMC that I hired negotiated a very.....very....bad lease rate with the tenants $6 per sq ft and the other is $12 per. The tenant leases are now month to month. From a financial and profitable perspective these rates are horrible. My question is this how would one propose 1) A new rate and secondly, if the lease agreements are now month to month, here in Minneapolis are their guidelines in place that would prevent me from increasing this rate to a more landlord friendly price point. Any help will be appreciated.