Regarding rent as a “pioneer” in a building we just bought and are working on. I can’t give you any firm answer, but I can tell you what’s typical. When we bought 1901 Richmond, we were leasing units out at whatever we could get just to fill them up fast. I think we were doing $550 all bills paid. By the time those first leases expired (a year later), the property was “pretty” and new tenants were paying $700+. Since there are advantages to keeping the same tenants in when their lease comes up, we’ll normally raise the rent up a bit, but still under market. So I think those $550/month people went to $600/month when the building was finished. An increase to be sure, but still under market rent.

We appreciate those renters who go into our properties right after we buy them, as we know they’re often pretty bad and they’re trusting that we’re going to make it better. So we try to reward that by keeping the rent under market during their stay.