Rent Setting
All rents are reviewed once per year.
Rents for improved and new build properties are calculated differently. These rents must cover the Association’s management and maintenance costs. They must not be too expensive for tenants to afford, particularly to people who are in low paid work; and the rents must be broadly similar with other landlords in the area. We also have to put aside some of your rent each year towards future major repairs.
The Management Committee reviews all rents in December of each year, the proposed rent changes are then sent out for consultation to all tenants in January and tenants are notified in February of any new rent charge which will be applied on 28 March of each year.
2023/24 Rent Consultation
Each year we review our rents and service charges with any approved changes coming into effect from the 28th March of each year. We always consult with our tenants on our proposed changes and ask for your views before the Board of Management makes a decision.
Decisions about rent increases are never easy and our Board of Management must try and balance keeping rents affordable with raising enough income through rents and service charges to allow us to invest in our homes; provide excellent services to our tenants and meet our legal and regulatory obligations.
This year we are asking your views on a 5% or 7% rent increase. We have posted out to you an information leaflet which explains why we are considering these increases and about the commitments we have and the investments we plan to make in our properties in the financial year 2023/2024.
Our rent consultation will run until 12th January 2023 and the results will be reported back to the Board of Management’s meeting on 17th January 2023. The Board will decide at this meeting the rent increase and revised service charges for 2023/2024.
A prize draw will also take place for those tenants who have taken part in the rent consultation process. The prizes will be £50 and two £25 vouchers.