Boost Tenant Retention with This Simple Color Change

Author

Paul Kelton
September 16, 2024

Table of Contents

 PAUL'S MARKET JOURNAL

The Age of Beige: Why You Need to Ditch the Gray and Go Creamy

Let’s be real—gray had its moment. For the last decade, it was the king of cool, giving us that sleek, modern vibe. But now, gray is out. It’s cold, stony, and feels like you're living in a rain cloud. Enter: The Age of Beige. We're talking warm, creamy tones that feel like a hug from your favorite blanket. And if you’re thinking about renovating your multifamily units, this isn’t just about following a trend—it's about making a smart, long-term play.

So why should you jump on the beige bandwagon? Here’s the rundown:

You Only Get One Shot at This (for a While) 

Renovations aren’t cheap, and if you’re doing a big rehab, it’s probably a once-every-10-years deal. Put in gray now, and your units will look outdated in two or three years. Nobody wants that. Beige, on the other hand, is timeless. It’s like that little black dress or that go-to pair of jeans—always in style, always working for you.

Light is Money

Beige does more than just sit there looking pretty. It lightens up the room and reflects natural light better than gray ever could. More light means bigger, more welcoming spaces, and trust me—tenants eat that up. It could be the difference between a signed lease or a "No, thanks." More light, more appeal, more cash in your pocket.

Beige Feels Like Home

Think of beige as the “comfort food” of colors. Gray can feel like a corporate office. Beige is where you want to kick off your shoes and relax. It pairs well with just about anything, so tenants can make it their own. Happy tenants stick around longer. Less turnover means less headache for you. Win-win.

Better Retention = Better Returns

Here’s the deal: updated, modern spaces with warm color schemes tend to have higher tenant retention rates. High retention means fewer vacancies, fewer make-readies, and more consistent cash flow. In a competitive market like Charleston, where every dollar counts, making your properties feel like “home” could be the secret sauce to your success.

Pro Tip: If you’re wondering which beige to go with, look no further than "Alabaster" by Sherwin Williams. This shade is the MVP of beige. It’s got the right mix of warmth and neutrality, which means it appeals to just about anyone. It’s also sturdy and long lasting- saving you money in between turns. No wonder it’s a favorite among interior designers and property managers alike.

So, as you think about your next renovation, keep this in mind: Beige isn’t just a color. It’s a strategy. It tells potential tenants, “This place has been thoughtfully updated, and it’s ready for you to make it your home.” And in the world of multifamily real estate, that’s a message worth sending.

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