We are currently working on the annual rent review which is due to be in place from April 2020.
When reviewing your annual rent, we are guided by the Government who determine the rules around rent setting each year. Government policy states that we may increase your current net rent for 2020 – 2021. Outlined below are details which will affect how much rent you pay depending on the type of property you live in.
- If you live in a General Needs, Independent Living or Shared Ownership (pre-stock transfer in December 2007) property, you will see a rent increase of CPI (Consumer Price Index) + 1% (a total of 2.7%).
- If you live in a Market Rent property you will see an increase of RPI (Retail Price Index) + 1% (a total of 3.45%).
- If you live in a RentPlus or Rent to Buy property you will see an increase of CPI (Consumer Price Index) + 1% (a total of 2.7%).
- Depending on when you became a shared ownership customer after the stock transfer in December 2007, you will either have a September RPI + 0.5% (a total of 2.90%) or January RPI + 0.5% (this total figure will be announced in January).
- If you rent a garage from us, we’re currently reviewing the rent and you will be notified the exact figures in February.
All rent increases, except for RentPlus, will take place from April 2020.
We will be writing to you all in February 2020 with more information and specific figures depending on your tenure. We will also include some Frequently Asked Questions (FAQs) which should help explain in more detail the proposed changes and what this means for you.
If you are concerned about how this increase may impact on your household budget, you can contact our Income Services Team on income.recovery@greatwellhomes.org.uk for financial help, support and advice. Alternatively, you can find more financial support and advice on our website here.
If you would like more information about your rent increase before the letters are sent out in February 2020, you can call us on 01933 234450.