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Why You Should Consider Lease Renewal Painting if You’re a Landlord
Admin • August 26, 2020
As a landlord, you need to attract the right renters — and once you have good renters, you should do everything you can to keep their business. If a good renter decides to leave, he or she may have been unhappy with amenities, noise, cost, maintenance schedules, and so on.
Thankfully, there are lots of ways to incentivize your renters to renew their contracts. One easy way is by adding lease renewal painting to their contract.
What is Lease Renewal Painting?
While you can't change your location or room sizes (without major renovations), there are ways you can add more desirable aesthetics and property upgrades. Renters become unhappy if their property looks run-down and if the paint colors in their apartments are drab or peeling.
One way to attract and keep good renters is to have a professional paint company come regularly to give the apartment a fresh coat of paint. Instead of tacking on the cost of paint to the rent, lease renewal painting is an expense that is taken on by the landlord so that it's actually an incentive. Alternatively, the renter could agree to use a portion of the security deposit to go towards this update.
The cost of lease renewal painting shouldn't be a burden. If you opt for high-quality paint, it should last your tenant between seven to ten
years.
Your tenant will appreciate the quality of the paint since it can reinvigorate a drab apartment and make prospective buyers and current renters feel more at home. They can even have a more personalized look if you allow their choice of color.
Plus, in some states and cities, the law requires landlords to repaint their rental properties, so you can meet this requirement and still have an incentive to use on your website and in other marketing resources.
Why Should You Leave the Work to the Professionals?
While some renters may do a good job with DIY painting, it's hard to maintain uniformity if you allow your renters to paint the apartment themselves.
Plus, if their paint job goes awry — such as if they didn't use tarps or painter's tape — there could be paint damage in the carpet, etc. Then you'll have to either dock that damage from your tenant’s security deposit or eat the cost yourself.
You should instead hire a professional company since they can do a nice job quickly without risk of property damage. Whatever you decide, you need to address painting in your security deposits clause in the renter's agreement so there's no confusion about what alterations can be made and who can legally paint the apartment.
Which Type of Paint Should You Choose for This Incentive?
Some landlords are more flexible with their paint color choices, but if you want to get a discount on painting and maintain uniformity in your apartment, you could request that renters choice colors from a pre-approved list — especially if you need to follow requirements set by a property management company or an HOA.
If you want to use pre-approved colors, look for neutral shades of beige and white since these go with many furniture styles and décor. If your tenants don't like how dirty or stark the walls look, then darker tones may be better to camouflage dirt and grime.
Once the color is picked out, you need to decide on what finishes you want for the complex. Try to avoid matte finishes if you can, since they mar easily. Satin, high gloss, and semi-gloss finishes are easier to keep clean and have a longer lifespan.
You'll also need to pick out a primer for your renters. The primer lays a foundation on drywall and other unfinished, porous surfaces and extends the lifespan of your paint. There are shellac, oil-based, and water-based primers. Each primer has pros and cons on how much volatile organic compounds (VOCs) they contain, which stains they can repel, and how long they last.
A painting professional can help you decide on colors, finishes, primers, and other options. So attract renters and keep the good ones you have with lease renewal painting incentives. Reach out to us at Trend
for more information.
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