You could always raise the rents to just a hair below the market rate, but offer a 2 year lease in exchange for the renewal. Play with the terms a bit so it’s a win win, but when you say “again” I wonder if you might want to give it a little time before you do.
If you feel like doing them a favor for some reason or the properties need a lot of work maybe you raise the rents, but spend a couple bucks on items that need attention so the tenants see something from the increase. I know I’ve been in situations in the past where new carpet might have encouraged me to stay a bit longer even if the rent went up a little.
From a vacancy standpoint I’d say whatever you do you might want to do it in the early summer if possible when more people are out looking in case you lose a tenant. We always have better luck finding tenants quickly in the summer.
