Raising rents to market

[Carl Fredrickson]

If your rents are below market (say 10+%) and you’re doing a value add, do would you bring the them up to market in one move or spread it out over a couple of years?

What would affect your decision? Would you act differently if rents were ~10% below market versus ~30% below market? Incorporate as improvements are made or wait until the improvement plan is completed? New tenants vs existing tenants? Other?