Color plays a pivotal role in your projects, whether you’re a professional painter, property manager, or designer. It’s often the final touch to attracting residents, enticing building occupants, or enhancing curb appeal. Behr Paint offers a variety of color services to help you and your clients see the potential of every color and combination for their project. Our services are designed to empower you, providing the support necessary to bring any job from vision to reality, no matter how big or small. From custom color matching to color renderings to full-size drawdowns, discover the many color services Behr has to offer.     Custom Color Matching Whether you need to match a corporate color scheme or a shade of carpet, we've got you covered. Our cutting-edge color matching technology will convert any sample into a digital color representation. We can also confidently match any competitive color for your job, including popular Kelly-Moore colors like Swiss Coffee 23, Bone 27, and San Francisco Fog 5822*. Simply bring a sample to your local The Home Depot store and we’ll match it.     BEHR® Pro Visualizer & Digital Color Renderings Visualize BEHR® Paint color schemes for your exterior projects in real-time with the BEHR® Pro Visualizer, an online color rendering tool to help speed up the color selection process. Your BEHR® Pro Rep will upload an image of your project, allowing you to select colors and schemes and see a “before and after” preview. Once ready, you can download a shareable document for you and your client to determine final details. Ask your local Rep about the tool here.     We also offer digital color renderings. Make your client’s color vision come to life with a digital mapping of their project. They'll see digital renderings of different paint color combinations to help them make an informed color decision with confidence.     Full-Size Drawdown Samples If you need to show color to your clients in a larger size than a paint chip, we offer full-size drawdowns to help visualize colors on any given project. Whether your client is debating between shades or finalizing their color scheme, full-size drawdowns offer a more accurate representation of how the color will appear on a larger scale so you can better envision color on a larger surface area.     Color Books & Boards Our color books offer a complete archive of every color and every product used on every surface on your project, including coatings, specifications, and warranties to help streamline future maintenance. We also offer color boards, perfect for showcasing color schemes and palettes. These 20" x 30" boards are an impactful way to share the color story of a project so every stakeholder can understand the vision and align on the project direction.     Color Services for Your Every Need At Behr, we believe that color has the power to transform spaces and elevate experiences. With our comprehensive color services, we're dedicated to helping you and your client’s vision come to life for any project. Contact your local BEHR Pro Rep to learn more.     *Kelly-Moore Swiss Coffee 23, Bone 27, and San Francisco Fog 5822 are names of Kelly-Moore, which is being used for identification purposes only. Behr has created a comparable color using industry standard technology.  

The U.S. property management industry stands at a pivotal moment with both challenges and opportunities ahead in 2024. From shifting financial conditions, to expanding prospects, to community maintenance and eco-leadership, property managers face an array of issues that can be resolved with ingenuity, resilience and adaptability.     Financial Trends & Forecasts The rental housing sector has long been intertwined with broader economic trends, and 2024 is no exception. Recent years witnessed a surge in demand for apartment living, driven by factors including a lack of inventory (NerdWallet) and post-COVID resurgence of multigenerational households (Generations United). As pandemic-era safety nets disappear and credit availability tightens, property managers continue to deal with moderate inflation and rates.     Acquisition Activity These moderate rates have made value-add acquisition deals less lucrative to potential investors. As a result, planned interior renovations have been scaled back significantly. Exterior paint is a cost-efficient way to freshen up the appearance of your property and make it more attractive to potential buyers without the expense and time needed for a full interior upgrade. In short, consider a new paint job as it has the ability to improve the image and value of your property, enhancing curb appeal and enticing residents.     Supply & Demand One of the biggest challenges facing property managers in recent years is the imbalance between housing supply and demand. The industry faces an uphill battle in tackling the long-standing inventory crisis, which, according to We Are Apartments, requires building 4.3 million new apartments by 2035 in order to meet rental needs.   In the last few years, the effort to expand apartment inventory has been front and center. From 2020 to 2022, a total of 1.2 million apartments were built (RentCafe), and 2023 added about 573,000 additional units — a 40-year record. While building is beginning to slow down, approximately 443,000 new units are expected to be in place by the end of 2024. (Matthews Real Estate Investment Services).   Chart: RentCafe; Source: Yardi Matrix   That’s good news, right? But here’s where it gets complicated. The influx of new housing has dampened rental prices, as we’ve seen in the last few months. Case in point: the vacancy rate in February 2024 was 6.6% (the highest since September 2020). This means that it’s possible — if not probable — that vacancies will continue through the end of the year (Apartment List), providing renters a wider array of housing options.   In response, properties are beginning to extend accommodations. For example, in January 2024, Zillow reported that nearly 32% of its listings offer concessions – or financial incentives for the renter – a trend that is expected to continue through 2024.   On the other hand, a recent slowdown in new construction permits is expected to reduce 2024 apartment build starts by 20% to 50% (Multi Pro+), which points to a return to lower inventory, renewed demand, and higher rents in 2025.     Drawing & Keeping Quality Residents Understanding target demographics and each of their evolving preferences is key to thriving in the property management landscape. From Gen Z poised to become the largest percentage of renters, to millennials starting families, to the growing number of older renters, these groups are the core of the rental market. This creates opportunities for property managers to draw high-quality prospective residents and retain current ones by meeting their wants and needs, such as:   Personalization — Every resident wants to feel a sense of home. Helping them to personalize their space will not only make them feel more comfortable, but they will also be more likely to rent your property long-term. Try offering new renters the option to choose a new paint color from a range of pre-approved hues for a room or an accent wall. For current residents, provide the same offer when they renew or after one year of tenancy.     Sustainability —With growing environmental consciousness, opting for low VOC (volatile organic compound) and eco-friendly paint options for your property is becoming increasingly important. More than 100 BEHR® and KILZ® products are GREENGUARD Gold Certified for low VOC, which contributes to cleaner indoor air. Behr Paint continues to invest in the innovation of sustainable products and resources for paint formulations of the future in order to bring products to market that address consumer needs while keeping the environment in mind.   Home Office —The advent of the remote/hybrid work model has profound implications for property managers, reshaping resident expectations and demand patterns. With many homes doubling as workplaces, renters seek flexible living spaces equipped with spare bedrooms and shared workspaces. The hybrid work model is not going away but rather a permanent reality driving demand for multifamily communities that seamlessly blend work and home life. Perhaps offer to paint a room or area that creates a space that fosters focus and productivity. Consider a calming ambiance with BEHR® Paint Colors Watery HDC-CT-26 and White 52, a modern motif using Morning Zen S380-2 and Cracked Pepper PPU18-01, or a more professional look with Lunar Surface N460-3 and Iron Mountain N520-5.   Featuring Watery HDC-CT-26 & White 52   Featuring Morning Zen S380-2 & Cracked Pepper PPU18-01   Featuring Iron Mountain N520-5 & Lunar Surface N460-3     Behr Paint offers a comprehensive Property Owners & Managers Program, providing on-site job walks, specification services, project submittal packages, job-site delivery, and color services such as digital color rendering, color boards, and full-size drawdown samples to help you and your residents better visualize paint colors.       The Road Ahead As we navigate through 2024, the property management industry must embrace change, from leveraging financial forecasts to catering to evolving resident needs. While uncertainties abound, the rental housing sector remains a strong pillar for continued growth in the commercial real estate landscape.  

As we begin a new year and look ahead to what it holds for the paint industry, it’s important to take a moment to reflect upon where we are, where we’re going, and what challenges and opportunities await us in 2024.   When COVID-19 emerged in the U.S. in early 2020, industries across the country were deeply affected by abrupt shutdowns followed by a wavering economy (Coatings Tech Magazine). While great strides have been made on the road to a full economic recovery, we’re still feeling its effects. That’s not to say the paint industry has been spared! Rather, it continues to grapple with pandemic by-products such as supply-chain issues, heading back to the office (or not), high raw material pricing, and a slew of rate hikes in 2023.   Despite these challenges, the U.S. paint and coatings industry continues to persevere, with 2024 production expected to total 798 million gallons, a 2.9% increase from 2023 (ACA Industry Pulse | Architectural Coatings). As we begin 2024, the industry is expected to forge ahead, overcoming challenges and adapting to the evolving landscape, offering the opportunity for expansion and innovation within the sector.   Source: ACA Industry Pulse | Architectural Coatings   Logistical Challenges Like many global manufacturers, the paint market depends on its partners to deliver the materials and products they need to serve customer demands. While the COVID-19 effect dwindles year after year, the following issues remain:   Price of Crude Oil — Many raw materials used in both oil and acrylic paints are petroleum-derived, for which crude oil is a key source; rising prices pose a significant problem. For perspective: a $10 increase in crude oil equals a 3% rise in paint manufacturing cost (Coatings Tech Magazine). In addition, fluctuating oil prices disrupt supply-chain consistency, forcing paint manufacturers to shoulder the burden of higher transportation, production, and inventory costs.   Raw Materials — As of mid-2023, most raw material providers were, once again, meeting demand, though typically with longer lead times than before the pandemic. Some suppliers are already out of stock through the end of 2024; therefore, paint manufacturers should have a strategy for maintaining supply. Both suppliers and paint manufacturers should be working with their Research & Development staff to prepare for any future shortages (Coatings Tech Magazine).   Supply Chain — During COVID-19, supply-chain disruptions prompted delayed imports, capacity shortages, and elevated shipping costs. In response, paint manufacturers began to raise prices. Despite efforts to streamline processes, global uncertainty and political priorities contribute to a fragile system. Recovery is expected but challenges will persist as long as the global landscape remains in flux.   Housing Market The sure sign of a solid coatings industry lies in the strength of the housing/construction market. The architectural paints sector accounts for 60% of the volume within the U.S. coatings industry and is expected to finish 2023 with a slight 1% increase. Looking forward to 2024, growth is anticipated to be 3% (ChemQuest).   Sources: The ChemQuest Group, Inc.; Coatings TraQr™   Higher mortgage rates and inflation have been pushing some potential home buyers out of the market, but that may change soon. According to CNN, the 30-year fixed-rate mortgage rate fell to an average of 6.67% in the week ending December 21, down from 6.95% the previous week.   Lower rates are bringing potential homebuyers who were previously waiting on the sidelines back into the market,” Freddie Mac’s Chief Economist Sam Khater said in a statement.   As the homebuying market begins to start moving again, it’s expected that the demand for painting services — whether from owners looking to sell or buyers wanting to repaint — will start to recover.   Rental/Multifamily The rental/multifamily sector is headed for some challenges. For years, declining interest rates and low inventory made rental property ownership quite lucrative. However, inventory escalated in 2023, leading to a surge of 405,000 units built in the last four quarters — the highest in more than a decade (John Burns Research and Consulting).   Now, the landscape shifts. Owner costs have risen significantly, and construction starts are slowing. After the 2023 building surge, development will be substantially reduced in 2024, and apartment starts will be limited for the foreseeable future. Rising rates, insurance costs, and operating expenses further contribute to the sector's difficulties (John Burns Research and Consulting).   The rental/multifamily construction boom has provided a revenue stream for the paint industry while the homebuying market has been tight. The construction slowdown doesn’t mean that work has dried up. Rather, opportunities may arise from pre-existing properties looking to repaint to remain competitive with newer communities.   Renovations/Remodeling While the renovation sector has been strong for a number of years, interest rates combined with low housing inventory is expected to weigh on remodeling activity, which is estimated to decline by 6.5% (from $481 billion in 2023 to $450 billion in 2024), according to the Leading Indicator of Remodeling Activity (LIRA).   Source: Joint Center for Housing Studies of Harvard Unversity   The upside to this scenario is that, when major renovations aren’t in the budget, homeowners often look to a fresh coat of paint for an easy, budget-friendly way to update and revitalize their homes. Expect opportunities for repaints to expand this year.   Side note: PRO vs. DIY — When it comes to home painting projects, the balance between professionals and do-it-yourselfers has tilted back and forth for years. This changed significantly, thanks to COVID-19. Case in point: From 2010 to 2019, professional work was steadily growing, yet it dropped in 2020, as homebound DIYers used this time to freshen up their spaces. From 2021 to 2023 professional work rebounded strongly, with a 2023 ratio of 63% professional to 37% do it-yourselfer, which was driven by a resurgent commercial building sector balancing out a weaker residential sector (Coatings Tech Magazine).   Source: The ChemQuest Group, Inc.   Looking Forward So how does all of this affect the paint industry?   According to a 2023 BBB® Industry Report, here’s what we can expect over the next five years:   Industry revenue will grow from $36.5 billion to nearly $38 billion (1.6% increase) through 2027.   Profit margins for the industry should grow from 7.1% to over 8.4% by 2027, which translates into $3.38 million in extra profits for painters.   Expansion is on the horizon — not only in the number of new painting companies but the number of working painting professionals. By 2027, the industry can expect another 4,600 companies and approximately 8,000 new employees to join the paint industry. Wages will comprise more than 35% of company expenses, as many painting business owners/contractors will pay higher salaries to keep key crew members such as project managers, estimators, and supervisors.   As we enter 2024, paint industry projections indicate growth, with increased revenue, profit margins, and expansion. Overall, despite ongoing challenges, the U.S. paint industry appears poised for a robust future and Behr Paint Company is here to help give you the support and guidance you need for any project, big or small. As the #1 Most Trusted Paint Brand in America*, BEHR® Paint has a complete portfolio of high-performing interior and exterior products coupled with experienced BEHR® Pro Reps to enhance your productivity and help you succeed on the job. Contact a BEHR Pro Rep today for your next project.     All of us at Behr wish you a happy and prosperous 2024!   *Voted most trusted Paint Brand by American shoppers based on the 2024 BrandSpark® American Trust Study.