If you add them all up, the team members at BNP Realtors collectively own and operate 31 rental units.
In my own slice of that pie, I recently had two, 2-bedroom 1-bath apartments come up for rent.
Both are between 700 and 800 square feet, on the ground floor, with off-street parking and a little bonus storage space (enough for, say, 3 bicycles).
Now, keep in mind, when I have tenants renew their leases I have generally kept the year-over-year rent increases to a range of about 5 to 10%.
This is to keep up with inflation, while avoiding sudden price shock for someone who has been settled in for a meaningful amount of time.
In one of the two apartments, a 3-year tenant had just moved out and left it absolutely spotless.
At the start of their lease, they had been paying $1325/month, and by the time they moved out they were at $1425.
I raised that unit's rent to $1925 and rented it immediately, with multiple people standing in line for it.
The other one had a one-year tenant at $1550/month.
It had some very tired finishes that I hadn't previously had an opportunity to upgrade, but with it newly vacant, I was now in a position to tidy it up.
The floors were already a nice LVP, and the cabinets were in excellent condition.
We replaced the counter-tops, sink and faucet, and cabinet pulls.We installed all new electrical outlets and switches.
We fully re-painted the interior.
With those upgrades, I raised the rent to $2200/month.
Again, it rented instantly with multiple prospective tenants ready to sign a lease.
