Each year we carry out a rent review based on how much income we think we need to provide services for the following year. This article and the Rent Review leaflet, which has been mailed out to you, tell you about this year’s rent review process and how you can have a say.
For 2018-19 we are proposing an increase of inflation plus 1%. Inflation is predicted to be around 3.3%. This means that the rent that you currently pay, not including service charges such as stair cleaning, would increase by 4.3 pence for every pound in rent paid. If accepted, the increase will become effective from 1 April 2018.
If your rent increased as part of the 2014 rent restructure, you may also have an additional monthly payment, currently capped at £10 per month.
When we carry out the rent review your feedback is vital. Last year’s feedback and comments were very helpful to our Board – we do listen to your feedback. In 2014/15 we consulted on RPI plus 1% but following comments from tenants we settled on the reduced figure of RPI plus 0.5%.
What does the cap mean for my rent?
If you were a tenant with us in 2014, you may remember being consulted regarding a new Rent Setting Policy. Under this policy, some rents increased but we made a commitment that all changes to the amount you pay would be phased in over time.
To do this, we limit (or cap) the amount of increase you pay on a monthly basis. This cap will remain in place until all properties reach their target rent. The cap for 2018-19 is set at £10. If you have any questions about the cap or wish to discuss how it affects your monthly payments, we would be happy to talk to you. Give us a call on 01506 439 291.
Let us now how you feel
We check your rent for affordability taking into account average incomes and rents for West Lothian. However, our calculation tool cannot take into account every single one of our 2500 tenants’ circumstances. If you feel that the proposed rent increase will create difficulties for you, please tell us in the box below. We have access to a number of advice services which can help if you are struggling.
Review the options for next year’s rent and give us your comments by completing our online survey.