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By now you will have received your letter detailing the rent increase for next year.
Like every year your rent rises have been calculated in line with a formula set by the Government. It is a formula widely used by housing associations up and down the country.
Rents will have to rise in April in line with this formula which is based on the rate of inflation as it was last September.
This is how it's been calculated:
Current rent + 3.2% + ½%
However, if your current rent is not at “target rent” your increase will include an additional £2.16 and if you’re on full Housing Benefit, you should not be affected by the increase. Your local council will write to you in the near future to let you know how much Housing Benefit you are entitled to.
The Government set the formula so that, as our costs for maintenance and other services rise with inflation, our income from rents keeps pace with them.
However, we do understand that the increase will be difficult for many of our tenants so our Money Advice Team is working hard to help as many people as possible who need extra support.
It still means our rents will be lower than the private sector and lower than most other housing association rents in this area. If you’re concerned about the increase do contact our Customers Services Team may be offer some help or advice.