Rents can fluctuate quite significantly sometimes.
If the owner feels the renewal rent is below market, please get this verified by the TAC marketing team. They will give you the expected rent as per market. You can confirm this with the owner.
You can inform the same to the tenants that the rents have gone up and they need to pay the escalated rent. If they argue that the Leave & License agreement mentions only a 5% (or so) escalation, you can show them the clause that also talks about adjusting rents to market standards as required. (screenshot below)
If they still don't agree, then try and negotiate an amount in between. Asking them to vacate and finding someone new will result in some vacancy loss. In this case, you can increase the escalation % in the renewal agreement from 5% to 7.5% or 10%, so next year we can make up the difference without a rental loss.
