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Best way to double rent rates on a 50 unit building purchase?

Edit: The property is entirely renovated and in good condition. Only normal turnover expenses apply.

I’ve just been offered a management position on a 50 unit building purchase, which is currently fully occupied with each unit at half of the current market rate. (The property got a state grant for massive renovations, with the condition that rental rates would not rise for 15 years, ending Jan 1 2020).

The owner wants to renew all 50 tenants at double their current rental rate when leases expire. It’s a mix of 12 studios, 12 one-bed, 12 two-bed, 12 three-bed, and 2 three-bed townhouses. Obviously, this will result in a lot of turnover, so what is the best way to handle this as the new property manager?

Ex. A studio is currently renting for $350/mo, but market rate is $800/mo.

submitted by /u/ThePermafrost
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source https://www.reddit.com/r/RealEstate/comments/eh770x/best_way_to_double_rent_rates_on_a_50_unit/
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