Unrenovated/outdated vs. Renovated unit rents?

[Paul Hormann]

I have a 7-unit apartment building in Maryland, just north of DC and I've been slowly renovating the outdated units as tenants move out. The apartments haven't been updated in maybe 30-40 years and still have stoves with pilot lights, but are still perfectly livable. The renovated units look great with all new stainless steel appliances, new kitchens, bathrooms, new flooring, etc., and I am increasing the rents by about 30% of what I was getting (may even be able to get more, since the current rents are below market and haven't been raised in 10 years). However, the renovation cost is getting pricey and I have some long-term tenants that really want to stay in the building. I'm trying to figure out what I can raise their rents to without renovating their units (or just minor upgrades) where it would be worth it for me to let them stay. I will be looking to potentially sell the building in the next few years and want to get the NOI as high as possible, but am unsure if a $50-100/mo rent increase would justify a $14k renovation per unit.

Can anyone comment on the differences in rents you're seeing between renovated units and unrenovated/outdated units with everything else being the same?