Supporting you with rent changesDate: 14/12/2023
This year we've had to make the challenging decision to review our rents and service charges. To help you understand what this means, we've answered FAQs and provided information on where to go for support.
HOW ARE RENT INCREASES USUALLY CALCULATED?
Social housing rents, normally increase in line with the Consumer Price Index (CPI)+ 1%. The CPI is used to measure inflation by collecting data on the prices of goods and services.
This year rents were due to increase in line with inflation by 11.1% but in April the government stepped in and announced a social housing rent cap. It was put in place to protect social housing residents against record levels of inflation by keeping rent increases capped at a maximum of 7%.
WHAT WILL THIS MEAN FOR ME?
Following careful planning in line with the government’s rent cap we have decided to increase our rents by 7%. We’re also increasing service charges, paid by people living in our villages and schemes, to cover the rising cost of communal utilities.
We understand that this is a significant increase, however over the last 12 months the record-level of inflation has meant the cost to run our homes and services has increased significantly.
As an organisation we’re absorbing some of the cost as set out by the rent cap, but we need to increase our rents and service charges to make sure we can continue to provide our homes and services in and around Staffordshire.
WHEN WILL THIS HAPPEN?
Over the next 12 months we’ll be sending all residents a rent review letter that will detail the increase and when it will come into place.
CAN I CHALLENGE THE INCREASE?
This is a necessary increase that is needed for us to cover costs incurred by inflation. However, we would like to hear your feedback about how we can improve this process for the future. Please get in touch with firstname.lastname@example.org to share your feedback.
WHAT WILL THE INCREASE PAY FOR?
The increase will mean we can continue to run our homes and services as normal by helping to recover some of the costs caused by increased inflation. You can find out more information about how each 1p of your rent is spent in our latest annual report here
WILL THERE BE FURTHER RENT INCREASES?
Our rents reviews are carried out once a year, which means we won’t review our rents again until 2024-25.
Where can I go for support?
If you’re worried about paying your rent as part of this review, we are here for you.
Please get in touch with our Money Advice Team who can provide helpful information and support to help you find a solution:
If you’d like to seek impartial advice you can get in touch with Citizens Advice. Find out more about their services at www.citizensadvice.org.uk