Bump.

Are you in a scenario where this is a big bump (additional cost than expected) but will smooth out over time after you fix things up and figure out operations?

But, the fact is that our home has been declining in value since we purchased in May of 2022 because we bought during the "Covid Bump", and the market has been depressed for the past 2 years. 

Great location right under Como Lake, a minorly distressed asset I was able to put sweat equity into to bump up the rents. 

The fist one for $ 5,000 to "test the waters".  

Thank you for the thoughtful responses.....I will show them the comps, and start with a $150 bump, which is still very under market.Will go to a lease, and note the projected annual increase of $75-100 at next lease renewal period, to get them in line over time. 

The shorter amortization bumps the payment up $2k/mo, but at the profit levels of these types of facilities, that's a drop in the bucket.

If the units are unusually large I might bump that up a bit.

Renewals we are doing small rent bumps of 3% or so.

Then just bump the rent to market value when a new tenant moves in.