Recommendations for replacing 300' of balcony railing

[Carrie Smith]

Just found out the wood balcony railings on our fourplex in Northern CA need to be replaced. The pickets and guardrails are an interior composite MDF instead of outdoor treated wood (previous owner installed them). With lumber so high, I'm trying to learn about replacing with redwood, powder coated steel, composite, or aluminum and am looking for any advice on balancing upfront costs (quotes have been $35-50k) and ongoing maintenance. I'm leaning towards replacing with metal so that we won't have to paint every few years, last time it was $2900. Installation should also be less. What would you do/ have you done?

As an aside, the soffits are now vented and soft-story ordinances in the area are for 5+ units.