How to go about tenants when inheriting below market rent tenants

[Solome Ejigu]

Hi all, 

I’ve found a good deal but the current tenants are paying wayyyy below market rent. About $600/mon with heat included. the deal for that type of 4 Plex and location is great but the current tenant leases make it tricky. If I could Reno and rent at market rent, it would be amazing but my question is other than cash for keys what are some other ways to consider when trying to clear out units. With the halifax tenancy act and the 2% rent cap there is barely any wiggle room. Anyone have creative ways around this?

TIA

[Chris Baxter]

@Solome Ejigu unless you have family that can move in and occupy the 4 units, you'll need to wait until the state of emergency is lifted in NS and the 2% cap along with it. Normally there are no restrictions on how much a landlord can raise the rent in Nova Scotia, as long as they raise the rent only once every 12 months.