Rent Increases 2012
It is important that we keep you informed about changes to your rent and following the upcoming increase, we want to let you know the reasons it is going up.
Most of our rents are regulated by the Government and are set according to a system called ‘target rents’.
This means they are increased each year to cover inflation, using the Retail Price Index (RPI) plus 0.5%. The RPI shows changes in the cost of living and reflects prices in a range of goods and services used regularly, such as food, heating, housing, household goods, bus fares and petrol.
Because inflation was running at 5.6% when rents were set for 2012, the increase from April has been higher than at any time since the target rent system was first introduced by the Government in 2000.
If your rent has not yet reached the maximum allowable under the target rent system, £2 a week can be added to the basic increase each year until it reaches this figure. If you are not sure what the target rent is for your home and would like to know, our Rent and Income Services team will be able to advise you (see below for contact details).
If you pay service or amenity charges (an extra payment in addition to your basic rent for services like grounds maintenance, the cleaning of shared spaces or personal heating charges) then you may have been asked to pay more to cover increased costs for these services in 2012 as they are not part of the target rent formula.
We appreciate that the current economic climate is tough for many people so please don’t forget our Tandem financial inclusion service and our rent and income team can offer free money and welfare benefits advice on 08000 461 600, which is free from a landline, or 01642 233780, which is charged at local rates from a mobile phone.