Each year Hastoe changes the rents we charge to our residents in line with government guidance and the terms of our tenancy agreements and leases.
The Government’s Regulator for Social Housing has recently published a new Rent Standard, which lays out how housing associations and other social housing providers can set and change rents from April 2020.
The new standard means that the majority of our social housing tenants will experience an increase in their rent next year.
In most cases the increase will be limited to the rate of inflation measured in the September 2019 Consumer Price Index plus 1%.
We will write to all tenants at least one month before the changes are made. For most people, this means we will write to you in February to let you know how your rent will change from April 2020.
The new standard also allows us to change the way we set rents for new residents. We currently calculate the rent for most of our properties using a set formula based on values such as property prices and average earnings. Once the new standard is in place, when a new residents moves into an empty property we will have the ability to charge up to an additional 5% on top of the formula rent. This will not affect any current residents.
Shared Ownership residents, as well as a very small group of tenants, will not be affected by the new standard and their rent will rise in line with their respective tenancy agreement or lease.
Hastoe will continue to invest any surplus we make into our existing homes, improving the services we provide and building more new affordable homes.
If you have any questions or want to discuss how the rent changes may affect you, please contact us.
