One unit at a time or Rip off the bandaid?

[Thomas Willingham]

I have a 20 unit complex that is C- in a B area. I raised the rents for all of the units and as hoped for, a few moved out. I want to redo the units and go up on the rent even more. My fear is that the current tenant mix will potentially keep away the type of tenants I was hoping to transition to. If I can afford it, would it make more sense to empty the whole complex and bring them all up to what I want them to be? Only problem there is it would flood the market with new apartments and I’m not sure 20 people are looking at this time.

[Reginald Dave]

I had the exact same situation. I bought a 20 unit (C) class building. Only difference is I raised the rents to where I wanted it to be after updates, & most of the tenants wanted to stay. Not only did they agree to stay with an increase of rent of about $175.00, most did not even want any updates !!!!