you would want to rebase your local branch on an updated version of master. (If you rebase ontop of your local master and your local master is still behind and hasn't been updated, there wouldn't be any changes to rebase on top of!)
Then after you rebase, you would just need to push again to the same branch that you made the original PR. This would be a force push because you're replacing the old branch with your rebased branch, and this will automatically update the PR. Because a PR is just a request is just a request to merge one remote branch with another, any changes to your remote branch will be automatically included in the Pull Request when you push.
HERE's a great link to Visual Studio's docs that should help out and shows you how to rebase in the Team Explorer in Visual Studio.