Building a multi-year decorating budget across a rental portfolio

01Work out your real cost per void

Most landlords know their total annual decorating spend but not their cost per void, which is the figure that actually helps with budgeting as the portfolio grows. Dividing last year's total decorating spend by the number of tenancy changes gives a baseline you can apply forward, adjusted for property size and condition at handback. This figure is far more useful for forecasting next year's spend than a single portfolio-wide total, because it scales directly with however many tenancies turn over.

• Total annual decorating spend divided by number of voids
• Separate figure for full redecoration versus touch-up-only voids
• Track separately by property size band, one-bed, two-bed, three-bed plus
• Review the figure annually as material and labour costs move

02Standardise the palette across the portfolio

A single neutral wall colour and a single trim colour used across every property, rather than whatever the previous tenant preferred, means leftover material from one job can be used on the next, touch-ups always match, and quoting becomes quicker because there's no colour decision to make each time. This is the single change that has the biggest effect on reducing both cost and turnaround time, and it costs nothing to implement beyond agreeing the standard with your letting agents so nobody quietly reverts to a different shade.

03Batch buying and standing arrangements

Ordering paint in bulk on a standing arrangement, rather than per-job, brings the unit cost down and avoids delays waiting on deliveries between tenancies. Where a portfolio uses one standard colour, buying in larger tins across several properties at once is straightforward, and the same principle applies to sundries such as filler, masking and sundry hardware. Even a modest portfolio of a handful of properties can usually justify a standing order once the colour is fixed.

• Bulk order the standard wall and trim colours ahead of need
• Keep a stock reserve for fast touch-up jobs
• Negotiate standing pricing rather than per-job quotes
• Review stock levels each quarter against upcoming void dates

04Planned cycles versus reactive spend

A planned decorating cycle, for example a full repaint every set number of years regardless of tenancy changes, spreads cost evenly and avoids properties drifting into poor condition between full redecorations. Reactive-only spending, decorating purely when a tenant leaves, tends to concentrate cost unpredictably and can mean some properties go many years without attention if tenancies happen to be long. A blended approach, a background planned cycle topped up by reactive touch-ups, gives the most predictable annual figure for budgeting purposes.

05Setting aside a contingency for condition surprises

Even with a standard specification, some voids reveal damage beyond normal wear, damp, smoke staining or unauthorised alterations, that cost more to make good. Building a contingency percentage into the annual budget, rather than treating each of these as a one-off shock, keeps the overall forecast realistic. Reviewing which properties triggered contingency spend each year also helps flag tenants or properties that need closer attention going forward.

06Reviewing the budget annually

Material costs, minimum wage-linked labour rates and average void length all move year on year. An annual review against actual spend, rather than carrying the same figure forward indefinitely, keeps the budget credible when it's presented to investors, lenders or co-owners. Even a short annual comparison of budgeted versus actual spend by property band is usually enough to catch drift before it becomes significant, and it gives a clear basis for adjusting next year's figure with confidence.