5+ Unit Property Valuation Changes?

[Scott Kimberly]

This might be a stupid question, and its definitely more theoretical, but I am curious about it.

Does the value of a 5+ unit property technically change every time rents change?

Let's say I buy a 6 unit apartment building that has 1 rented unit at purchase. If I spend 5 months filling the other units at a rate of 1 unit per month, does the value of my theoretical 6 unit change 5 times (once for each added renter)?

I realize that the value of the property probably only meaningfully changes in a tangible way when its appraised.