After thorough analysis and consideration of our tenants feedback to the Rent Consultation, we made a difficult but necessary decision to apply a 7.5% rent increase from April.
We understand the impact this may have on tenants, especially amid other rising household expenses. But what we heard in the consultation – and which echoes other feedback – is that tenants’ priorities are for us to invest more in upgrading their homes.
Against all other rising costs and the challenges the social housing sector is facing, like many other housing associations, we can only do this through an increase in the income we receive to fund investment programmes.
While no increase is good news, tenants can be assured the increase will directly support an unprecedented level of investment over the next 2 years. This is a minimum commitment and a pledge we are making to tenants, in return for the increased rent.
A pause on the building of new homes is another step we have already taken. We believe this is the right thing to do, as it allows us to focus the limited available finance on meeting existing tenants’ priorities.
Through these actions, we can concentrate the limited finances available to make our existing homes warmer, and more affordable.
Read more about the Consultation results, investment spending and how to get help here.