As you may be aware, over the last four years the government has imposed a 1% reduction in rent each year for social and affordable housing customers.
However, in October 2017 the Government announced a new Rent Standard that will see social and affordable rents return to having an increase of up to CPI+1% for at least five years. CPI is the Consumer Price Index which measures the average change in the prices of goods and services (known as inflation) over a period of time.
As a housing association, we must comply with the new Rent Standard which will come into force on 1 April 2020. The Rent Standard explains to housing associations how rents should be set, including the maximum weekly rent that can be charged.
The Radian Group Board has made the decision to apply a CPI+1% rent increase across all our eligible tenancies. Applying the increase across all eligible tenancies ensures we provide a fair approach to all our customers and makes sure we have financial certainty to continue managing and maintaining homes to a high standard, delivering excellent customer service, investing in our communities, tackling homelessness and delivering more than 10,000 new homes of all types and tenures over the next 10 years.
This new policy only applies to social housing, however we have put together some frequently asked questions in case you have any questions about how your rent is set:
If you’d like information about your rental agreement with us, please get in touch by calling 0300 123 1 567 or by email to firstname.lastname@example.org.