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Should I increase rent of long term renters if very under market?

So I have tenants that have been renting for two years now and want to 1) replace the carpet which was new when they moved in and the dogs have soiled, 2) and sign another 2 year lease.  My question is should I increase the monthly rent (their rent is $200 below market value for these high end condos) or keep current tenants and not increase, maybe slight increase?  I know there are expenses with having vacancy.  Appreciate your thoughts and suggestions.  Rhonda

Before signing another term send them a notice to increase rent, so they can choose whether they want to renew or find another place.
Thank you, that's actually what I did and they agreed to the increased term as it was still below market rates.  Thanks again, Rhonda
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