Exterior paint is both a practical and aesthetic need in a rental property. Therefore, if you haven't painted your property in the last few years, it's time to schedule this task. In the US, the cost of repainting a building is around $3.30 per square foot. This project is fairly inexpensive, and yet it can significantly increase your annual returns. Below are the benefits of painting your property's exterior.

Attract Potential Tenants

With new properties and high-rise buildings coming up every year, tenants have a broad range of options to choose from. Your property's exterior can influence a potential tenant's view of your entire building. Old, chipped, or fading paint can affect the property's visual appeal and send away potential tenants.

Applying a fresh coat of paint is one of the fastest ways of revamping your building's exterior. Paint brings a building to life and increases its visual appeal. It attracts potential tenants who want to live in a new-looking rental apartment. As long as the interior looks as appealing as the exterior, you can maximize occupancy and acquire new tenants for your vacant units.

Retain Current Tenants

One of the most crucial aspects of rental property management is timely maintenance. Current tenants need to feel that the management is putting effort into improving their living spaces. One way of doing this is by boosting the exterior appearance of the building. 

If your building looks old and unkempt, current tenants won't have an incentive to renew their contract. They may move on to the competition. A new paint job can prompt current tenants to stay longer on your property. It makes your building look new and appealing. When paired with an interior paint job, this project can help you keep most of your existing tenants.

Increase the Property's Lifespan

Exterior paint can increase the lifespan of your rental property. One role of a paint job is to protect the structure's exterior from the elements. Worn or peeling paint exposes your building to moisture, which can cause water damage to the interior paint and fixtures. A new paint job can benefit your structure in the following ways:

• Keep pests away from your building
• Protect the siding from water and termite damage
• Combat mold and mildew growth

Besides protecting your property, a new paint job can also reduce future repair and maintenance costs. By mitigating pest damage, mold growth, and water damage, you can save thousands of dollars that would be used in repairs, mold remediation, and pest extermination.

Painting your rental property is an inexpensive exercise that offers numerous benefits. Contact an exterior painting service for more information.