What should owners and managers of older residential properties avoid?

Owners and managers of older residential properties should avoid chipping and peeling paint because it poses serious health and safety risks. Deteriorating paint can lead to exposure to lead, especially in homes built before 1978 when stricter regulations surrounding lead-based paint were implemented. This exposure can have severe health consequences, particularly for children, making it crucial for property owners to maintain the integrity of the paint to ensure the safety of their tenants.

Moreover, neglecting chipping and peeling paint can also affect the overall aesthetic appeal of the property, potentially leading to tenant dissatisfaction and reduced property value. Since maintaining a safe and healthy living environment is paramount, addressing issues related to paint is a fundamental responsibility of property ownership and management.

In contrast, updating appliances and modernizing decor generally enhance the attractiveness and functionality of a property, while increasing rent, when justified by improvements and market conditions, can be a standard business practice.