Should I raise rent drastically or raise it in small quantities over time?

[Freddy T.]

Hello all,

So I have a Duplex property in a rough part of town. Originally I rented out my top unit in 2020 (3 bedrooms and 1 Bath) for $775.00. I didn't go too high because the area isn't all that great so I thought it was a fair price. I just realized yesterday that single family homes with only 2 bedrooms in the area, these new companies are charging $1300.00 in the same area. Obviously everything is going up because of inflation so now I want to raise rent on my tenants to at least $1050.00, tenants who have been loyal these past 3 years paying their $775.00.

How should I approach this situation?  Thanks.