Rent and service charges are reviewed every year in April.
Our rents are set in accordance with the Government and regulatory policies & guidance on rent restructuring. When setting our rent and service charges we take into account the following:
- Property value
- Cost of similar accommodation available elsewhere
- Local earnings
- Number of bedrooms
- Further outgoings related to the repair and maintenance of our properties
- Annual % increase in the Retail Prices Index or Consumer Price Index
“The Retail Prices Index (RPI) and Consumer Prices Index (CPI) are published each month by the UK Office for National Statistics. These are the main measures used in the UK to record changes in the level of the prices most people pay for the goods and services they buy. The RPI is intended to reflect the average spending pattern of the great majority of private households. Only two classes of private households are excluded, on the grounds that their spending patterns differ greatly from those of the others: pensioner households and high-income households. The CPI, however, has a wider remit—it is intended to reflect the spending of all UK residents, and also covers some costs incurred by foreign visitors to the UK.”
We set our rent and service charges at an affordable level, ensuring we meet our obligations to you our tenants to maintain properties to a good standard, whilst continuing to function as a financially viable organisation.
We will always give you at least 4 weeks written notice of any changes to your rent and service charges.