We're in a rental now and the walls in our bedroom have begun to crack as well. The walls seem bubbly in the kitchen and living room, and kind of peely in the bedrooms. Let us know more (types of finishes you would like, scope of work, whether any walls/closets/spaces need to be reconfigured, and some on here will be able to give you a sense of what you are looking at in terms of ballpark costs and how they break down. My suspicion is you are looking at a substantial renovation. And somehow I can't imagine a place with such bad walls has acceptable kitchen and bath. If the walls are that bad, then of course the floors probably need to be done too. Factor in the time needed for the process and the cost of where you will have to stay during that time. Couple it with primer and 3 coats of quality paint, and for 1000 sq/ft I think you are looking at $15K-$20K total. Skim coating is a messy, labor intensive job that involves prepping walls, smearing on plaster-like mud, sanding it (oodles of white talcum-like dust), more mud, more sanding, and possibly more mud and a final sanding. Personally, I dislike the chalkiness of flat and prefer eggshell and it's very slight sheen. You could go with a flat paint to cover imperfections and patches if the cost of skim coating is too high, but it is an imperfect solution if the walls really are bad. It is also needed for rough walls, old plaster, patched walls. To get smooth, magazine quality walls, skim coating is the prescription.
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