Starting from 1 April 2024, rents are going up by 7.7%. We understand it's not great news for our customers and it's not a decision we take lightly. It's something we have to do to continue to ensure your homes are safe and comfortable.
Every year, we adjust our prices because of inflation and to meet all the legal requirements that landlords have to follow. You will have recieved a letter from us explaining all the details about the rent increase, along with a formal document called 'form 4.' This is an official update to your tenancy agreement, and there are notes that come with it breaking down what you and we need to do.
We want to be as transparent as possible with our customers so we’re breaking down how we use your rent money, the easiest ways for you to pay and if you're experiencing financial difficulty, how you can access money advice through our dedicated Tenancy Support Team.
How we're spending your rent money
We're proud to be a not-for-profit organisation, meaning that every penny we earn goes right back into our services and homes. Here's a breakdown of how we plan to spend your rent money this year:
- On average each home has three repairs each year which has a typical cost of around £270 per home.
- Reducing the likelihood of damp in 95 homes will cost £560,000.
- £1.7m on testing to guarantee the safety and legal compliance of your homes.
- £700,000 replacing 800 doors.
- £660,000 replacing 123 bathrooms.
- £1.2m replacing 144 kitchens.
- £1.3m replacing 326 roofs.
We are dedicated to making your homes warm and easy to heat, which is why we’re also spending:
- £3.6m improving the thermal efficiency of 162 homes.
- £2m replacing 724 boilers.
- £900,000 replacing 1,800 windows.
Help is always available
We understand that it can be uncomfortable to ask directly for help, but our team of professional money coaches are here to support you. Please don’t hesitate to contact us. We offer a range of advice services such as help with making a budget, debt management and more. Visit our money advice page for more information.
We also offer a wide range of cost-of-living help and advice which covers:
- cheaper broadband
- staying warm
- energy advice guides
- accessing food banks.
To find out more, please click here.
If you pay by Direct Debit, you don’t need to do anything. You will receive a new Direct Debit schedule before your new payment is due.
If you pay by Standing Order, you will need to ask your bank or building society to increase your payment. It is likely that the housing cost element of Universal Credit will cover most of your rent increase, so you should continue to pay what you usually do. However, this year you may need to pay one extra week’s rent yourself. Go to the 'customers who pay weekly' section to find out why.
If your circumstances change and you are no longer eligible for Universal Credit or Housing Benefit, you will pay the increased rate and we recommend that you set up a Direct Debit. You can do this through MyAccount, our online customer portal.
If you receive Housing Benefit we will tell your local authority about the increase. You can also send them a copy of you rent increase letter if you want to.
If you receive Universal Credit, you will need to tell the DWP about your rent increase through your online Universal Credit Account. Look out for the alert in April and make sure you keep to any deadlines.
Most of our customers pay rent weekly, but this results in a slight underpayment each year because there are 52 weeks in a year (364 days) and not 365 (or 366 in a leap year). Every five years, there's an extra week, and we charge an additional week's rent to make up for it. This year, 2024, is one of those years. Unfortunately, if you receive housing payment through Universal Credit, the government doesn't account for this and expects you to cover the extra cost every five years. We understand it may be challenging, but we must make this extra charge to maintain our budget and continue improving homes.
We understand that this may have an impact on you and your finances. If you're concerned about the extra payment or have any questions please contact us and we will support you. Fill in our enquiries form or call us on 0300 456 2531.
