Rename an app

My project run on simulator without any problem, but I now want to change it's App id. But after rename the App ID, I cannot launch it in simulator any more. Simulator exit right away, with the following error:

Error Domain=DTiPhoneSimulatorErrorDomain Code=1 
"iOS Simulator failed to install the application."
UserInfo=0x10232c300 {NSLocalizedDescription=iOS Simulator failed to install the application., 
DTiPhoneSimulatorUnderlyingErrorCodeKey=-1

If I switch back to it's old App ID, everything back to normal again.

I believe it can be fixed by creating a brand new project, but that should be an easier way to rename it, right?