Consultation on rent increase proposal
There is a requirement for the Association to engage with its tenants about any proposed rent rises. This letter invites you to tell us about your views on the proposed rent increase for the year 2024/25.
The Management Committee has a responsibility to balance the operational and financial needs of the Association with the affordability of its rents for its tenants.
In considering the issue the Management Committee are fully aware of the huge impact the period of high inflation has had on the cost of living to our tenants and the impact it has had on the operating and material costs affecting the Association. The organisation has not been immune to these. In addition the historical low rents charged over the years, being below inflation, have enabled us to assist in mitigating the effects of the cost-of-living crisis affecting us all.
The Management Committee considered two options. These are a 5% increase on all rents and service charges or a 6.7% increase on all rent and service charges. The Management Committee agreed to seek your views on a proposed 6.7% rent and service charge increase.
It agreed to this option as it was the one that would best ensure the Association is able to meet all its repair, maintenance and improvement plans for the coming year as well a being able to meet all its other statutory obligations to you, the staff and the wider organisation. It will also ensure the ongoing future viability of the organisation going forward.
The impact on the average weekly rents for a 6.7% across the Board increase would be:
For a 2 apartment + £4.88
For a 3 apartment + £5.31
For a 4 apartment + £5.89
For a 5 apartment + £6.46
For a 6 apartment + £7.09.
So, fill out the form below to let us know your views on this and return to us by Monday 15th January 2024. Thereafter the Management Committee will consider all your views and make a final decision on the rent increase when it next meets at the end of January.