Rent increase question(s)

[Darin A. Scavella Jr]

Good day everyone!

Property details:

- B class property. In very good condition. In an A class neighborhood. However, it was built about 40 years ago.

- Its 3/2  currently rents for $1000 p/m

- Its 2/2 currently rents for $800 p/m

- Its 1/1 currently rents for $600 p/m

Some of the cap x tentatively planed are:   upgrading the apartments with modern technology ( inclusive of appliances), making the property 100% gated, adding 24 hr security.

My questions are:

- is it realistic to target an increase of  at least 50% in rent?

- what is the highest rent increase % wise that you have seen in a B class?

Thank you.

God bless you all.

[Evan Polaski]

@Darin A. Scavella Jr, what is the market charging for these upgrades?  Typically, I would say if the property is already in good condition, adding gates and new appliances is not going to get a 50% rent bump, but it is totally dependent on market. 

I would ask a realtor that focuses on leasing or a property manager, what they are seeing and what rents they can get at properties with these amenities.