Raising rent and adding utilities back to the tenant
I am in the final stages of the due diligence period on a 16 unit complex. I would like some thoughts around successful transition plans some of you have tried to increase rent, move some tenants out and transition utilities back to all tenants (water is currently paid by the owner).
My initial thought is this will take 12 to 18 months for all the units. But, I want to try and take advantage of Oct and Nov this year as this is prime time for finding renters. Typically this is when students (main main demographic), are looking for apartments for Dec. I realize I may only be able to open up a few units, but would be a big help to the bottom line.
My challenge is that every unit will need painting, new flooring, minor updates and repairs which, I figure two to three weeks of work to complete.
Most units are on a month to month lease and the majority of the tenants have been there anywhere from five to fifteen years.
If anyone has a strategy they have used to turn units with minimal vacancies, and/or increased rent with current tenants, I would greatly appreciate learning about it.