We will increase your rent on the first Monday in April of every year and will give you written notice at least one calendar month before the increase. Rent increases will be in line with our rent restructuring plan which aims to make individual rents meet social housing target rents by 2016.
If you are unhappy with the proposed rent increase you can appeal to the Rent Assessment Committee.
How do we set our rents?
The Government launched Rent Restructuring to make national rents consistent and affordable and ensure that all Registered Social Landlords bring their current rents into line by 2012. In order to manage its overall finances, the Trust has agreed with its regulator to extend this period by 4 years to 2016.
The aims of Rent Restructuring include:
- Reducing rent differences between similar properties owned by different landlords in different areas
- To ensure that the rent reflects the amenities provided, e.g. number of bedrooms
- To make rents reflect the ability of local people to pay them
- Limiting future rent increases.
Rent restructuring will calculate a target rent for each property that will be based on:
- The value of the property
- Average earnings for the area
- The national average social housing rent
- The number of bedrooms
Each year the target rent will increase by just ½% more than inflation
Rents that are currently below target rents will need to increase by more than inflation + ½%, while those above will need to increase by less than inflation + ½%. To avoid steep changes, increases will be limited to no more than inflation +½% +£2 per week and no less than inflation +½% -£2 per week.
Once target rents are met future annual rent increases will be limited to inflation +½%.
However, if you live in a general needs property, the Government, as part of their Budget Statement in July 2015 have asked us to reduce your rent by 1%.
If you live in a house or flat which has shared gardens, grounds, entrances or other communal areas, we will be responsible for looking after these areas and you will pay a service charge, which will be included in your rent. The service charge reflects the cost of providing those services.
The types of services that you will be charged for include grounds maintenance or door entry systems. Details of the services provided are included in your tenancy agreement.