Should You Invest in Artwork for Your Multifamily Property?
Most of the time we talk about multifamily real estate management from a logistic perspective. Planning maintenance, upgrades, and holiday events are par for the course. But what about decorations, like artwork? One question many succeeding multi-family property managers and owners may ask is: Can I make the space more beautiful? Would artwork improve my property, increase its value, or boost the quality of life for tenants?
It can. The question is not whether you should invest in artwork, but the right way to invest in artwork to decorate your multi-family property.
The Value of Artwork in Multifamily Design
Artwork is inspirational. Seeing art can make people happy, more creative, and more likely to enjoy art-decorated spaces. From abstract and geometric design to beautiful scenery, most of your tenants will enjoy each walk through the lobby and down the halls with artwork as part of your design.
Inspirational Lobby Art: Fixtures, Sculptures, or Paintings?
The lobby is, of course, the best place to start decorating. One large lobby piece inspires glances and smiles as your tenants move through on their daily tasks, while covering the walls in artwork is more welcoming for a multi-purpose space with sections like a business center, coffee bar, or resident lounge from which to enjoy smaller and more diverse art pieces. Consider the value of one impressive sculpture, an inspiring water feature, canvas paintings, or even hiring an artist to do a wall mural.
Making Hallways Feel Like Home
Don't forget the hallways. There's a reason the corporate world decorates hallways with impressive and narrow pieces of art. It boosts morale, plain and simple.
Make the hallways of your multi-family property feel like home by hanging art at the end of each hall, in each elevator lobby, and along the hallway walls. Your tenants won't even realize when they begin to find their door by spotting the nearest painting that is soon known by heart.
Supporting Local Artists & Selling Rotational Works
You can also support local artists by buying your paintings and artwork at local art fairs, festivals, and farmer's markets. In fact, this is a popular second business for many venues, as you can then resell the paintings to interested tenants or guests. Just be sure to share the name of the artist, and fill the spot with a new painting.
Investing in artwork for your multi-family property is a great way to enhance your space, boost the daily aesthetic quality of life for your tenants, and even support local artists in your community. For more multi-property management tips, contact us today.