If you are a Hastoe resident in one of our affordable or social rented homes, you should have received a letter recently explaining that your rent charges are changing.
Why are my rent charges changing?
As a charitable social housing provider, we rely on the income we receive from rents to reinvest into our existing homes, provide the services we offer, and build more affordable housing. The costs associated with these activities have risen, and continue to rise sharply, due to the high levels of inflation in the economy. In response, we need to increase rents to ensure our finances remain safe and we can continue to provide homes and services to you and other Hastoe residents.
How have the increases been calculated?
Each year, Hastoe reviews the rents we charge in line with Government guidance and by the terms of your tenancy agreement. The Government's Regulator for Social Housing publishes what's called a 'Rent Standard' which states that housing associations can increase the rent charged in line with the Consumer Price Index (CPI), then plus 1%. The CPI measures price changes across a variety of items such as food clothes and transportation.
As of September 2022, the CPI was 10.1%, which means rent would have risen by 11.1%. However, due to continuous financial pressures on social housing residents due to the increase in cost of living, the Government has capped this increase to a lower rate of
7% for 2023/24. Therefore, your rent will increase by 7%.
Depending on your property and tenancy agreement, you might pay other charges in addition to your rent. If you have an Affordable Rent tenancy, the cost of any services that we provide is included within your rent and no separate amount will be show.
SERVICE CHARGES: This is the charge for communal services that we provide in your block or around your estate. For example, this could include grounds maintenance, cleaning or external/internal communal lighting
SEWAGE TREATMENT PLANT: This is the charge for us to maintain and service a sewage treatment plant or sewage pump used by your property and others at your scheme.
UTILITIES: Your tenancy may require you to make payments to us for personal utilities such as water or electricity. This will be separate to your rent and other charges, and any charges or payments will be shown on a separate account.