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When or is there a opportune time to do exterior and/or interior improvements to the common areas of my property?

It's advantageous for a landlord to do such improvements when they're trying to increase their rent roll and their tenant class. Improvements to the common areas such as updating the lighting create a more vibrant feel, improving the lavatories can accomplish those tasks. We have countless examples of landlords who have done such and are thus the market leaders in their area for those properties specifically.