Under market rents. How much do I go up?
Hi BP,
I acquired a property last year in a small market and have came to notice the current units are under market. I should be able to get $750 to $850 per unit. Right now they are $475, $550, $550 and $575. This summer I am planning on making adjustments but am not sure how big of a jump I should make. I would be ok with having to do remodel to get the higher rents. Just want some input on what people would be looking to get. I am planning on holding for a very long time so turn over to get market does not scare me. What should I look for?