Well you need to ask the LL first!
Get permission in writing!
IF you get permission, really think about what the conditions are. IF you have to return it to the colour it is (magnolia) then choose only very light colours painting over dark is no fun!!
if you really want to paint it in other colours, maybe draw up a plan with the colours included & get permission for that.
A poster, a while ago, had done a really lovely job of decorating her rental property, it looked lovely, but the LL still insisted she returned it to magnolia. She was very, very pissed off. But it's the LL's property & he wanted it as it was. 💁🏻♀️
secondly, it's entirely up to you whether you want to spend the time, money & effort on it. To me it would definitely be worth it IF I could get permission to leave it the colour I wanted to paint it (say pale white) or if we could agree on a colour I preferred to the existing magnolia, even if not MY first choice. (Say pale grey)
id have to think very carefully if they were insistent on it being repainted magnolia at the end of my tenancy.
I own my house now & would hate to go back to renting, for many reasons, but this being one of them.
when I was young & renting, I became very good at making a place mine, without redecorating!!
if you can do that, then do & put the extra into a separate savings account for something nice when you buy!!
it's a balance between making it home & not wasting resources on a place you don't own!