Raising Rent After Purchase & Improvements

[Lisa Borowy]

In podcasts and FB posts, I hear people talking about adding value that justifies rent increases in newly acquired properties. In some cases, adjusting to market price where rents have been kept low by the previous owner, but an increase is justified. I'm specifically looking at multi-family (5+ doors). My question is: In these instances, are landlords raising rents to meet the market (again where justified) without worrying that it will create turnover or do most approach it with a phased increase to lessen the burden to tenants and decrease the risk of vacancy?

Thanks in advance for your input.

[Jill F.]

I am doing a phased approach