Approach on a rent increase

[Christopher DeAraujo]

First timer here! take it easy on me.

I have 4 tenants paying well below fair market rent.  Current rents are 1300/1100/1100/1150.  Fair market is 1800.  My state laws do not put a limit on increase amount or frequency of increases.  How should i approach this with respect to losing these folks? average tenant length of stay is 7-8 years.  

I know this is my own fault.  Hoping to recoup some losses without having turnover and the costs associated with that

thanks!

[Jill F.]

Dear Tenant,

As we're sure you are aware, inflation has increased the costs for all types of goods and services over the last several years. Our market research indicates that apartments similar to ours are currently renting for $1800/month.  Effective (June or July 1) rent for xxx address will increase to $1700/month. While we realize that this is a large increase, we believe that at this price our apartments are still a very good value and we hope that you sign a new lease with us. We will be sending out new leases over the next two weeks.

Best Regards,

Landlord, xxx LLC