Raising Rent/ Learning the Market

[Aaron Sims]

I am a newly property owner. I just purchased a 4 unit apartment building. 2 units are 1 bedroom and the other 2 are 2 bedrooms. Currently the rents for 1 bedroom is $800 and the other 1 bedroom is going for $700( old lady who's been there since 1979 and the unit is clean). Both 2 bedrooms are renting at $1050. The market for the 1 bedroom is $1400 and 2 bedrooms are $1800. The 2 bedroom units needs some work but I'm talk a fresh coat of paint.( And maybe windows down the road). How much should I increase the rents to keep them there or should I just raise rent at Market Value and expect all the tenants to leave and remodel all at once and take the bleeding upfront?