The paint on the walls of any multi-family dwelling plays a crucial role in its overall appearance and curb appeal. Not only that, but the paint can also affect the perceived value of the property. Simply put, well-maintained paint can make a world of difference for any rental property.
While it is important to keep up with the painting for any type of property, it is especially crucial for those who own or manage a multi-family dwelling. Here are just a few reasons why frequent painting is so important for these types of properties.
It Makes the Property More Appealing to Potential Tenants
When potential tenants are looking for a place to rent, they will naturally be drawn to properties that look well-maintained and cared for. If your property has chipped or faded paint, it will give off the impression that you do not care about the condition of your rental units—which is not something that prospective tenants are looking for. By keeping up with the painting, you can ensure that your property always looks its best and appeals to potential tenants.
It Can Help Increase Rental Rates
If you own a rental property, then it is important to keep up with the painting. Not only will this make your property more appealing to potential tenants, but it can also help you increase your rental rates. When compared side by side, a pristinely painted unit will always rent for more than one with chipped or faded paint. If you want to maximize your profits, then it is important to make sure that your units always look their best. In addition to painting, there are a number of other things that you can do to keep your property in top condition. For example, regularly cleaning the common areas and landscaping the grounds can also help to attract tenants and increase rents. By taking care of your property, you can ensure that it will always be in demand.
It Protects Against Damage
In addition to making your property more appealing and increasing your rental rates, keeping up with the painting can also help protect against damage. Over time, exposure to sunlight and other elements can take a toll on the paint job—but this type of damage can be easily avoided with a fresh coat of paint every few years. By protecting your property against damage, you can avoid costly repairs down the road.
As you can see, there are many good reasons to keep up with the painting at your multi-family dwelling. From making the property more appealing to potential tenants to increasing rental rates and protecting against damage, frequent painting can make a world of difference for any rental property owner or manager. So if you have been putting off giving your units a fresh coat of paint, now is the time to do it!
References:
- (2021, July 22). 3 Challenges of Painting a Multi-Family Building – The Painting Pros. The Painting Pros. Retrieved October 18, 2022, from https://paintingpros.com/3-challenges-of-painting-a-multi-family-building/
DeRousse, C. (2020, January 22). 4 Reasons to Repaint Condos and Apartment Complexes. Major Painting. Retrieved October 18, 2022, from https://www.majorpaintingco.com/projects-and-tips/4-reasons-to-repaint-condos-and-apartment-complexes
Pro Tips to Consider When Painting Multifamily Properties. (n.d.). Wheelhouse Construction. Retrieved October 18, 2022, from https://www.wheelhouseconstruction.com/paint-for-multifamily/