Rent increase to be communicated to customers
After careful consideration, to enable us to keep up with rising costs, we’ve decided that we need to increase rent and service charges for the year ahead. Given that inflation is currently so high, we've made a larger increase to our customers' rent or service charge in 2023/24 than we have done in recent years.
In the coming days, our customers will receive tailored letters setting out the increase to their rent or service charge, what it will mean for them and any action they need to take. We've also created FAQs that include advice for customers who are concerned about being able to afford the increased costs.
While this increase is below the current level of inflation, we know that it won’t be welcomed by our customers, particularly given the other cost of living challenges. However, with our costs rising all the time, and in line with the high rate of inflation, increasing our rents and charges is vital to ensuring we’re able to maintain and improve our homes and the services we provide.
As a not-for-profit organisation, any surplus money is reinvested to deliver services, maintain our homes (where applicable) and build much-needed affordable housing.