Strategy to Raise Rent

[Ehab Shoukry]

Hi all -

I'm looking at acquiring an 8-plex from a landlord who is motivated to sell.  Six of the eight units are currently renting for $550 a month and are all bills paid.  The other two units are gutted to the studs and I will be completely remodeling them after closing.

The 1/1s that are rented are nicely remodeled and in some cases are 1/1s with a large study that the residents are using as a second bedroom.  Based on market rents in the area, these units should be going for $750 a month and since they are all bills paid can easily get $800.

I'm interested in a intelligent approach to raise rent that isn't going to cause everyone to move out at the same time.  I know when they look around at other 1 bedroom apartments they will find that $800 is a great price for all bills paid.

One approach I considered is to remodel the two gutted units and rent them out for $800 to be sure I am right about market rents.  Assuming those two go for $800 what should be my next steps?

Thanks

Ehab