The government has agreed that housing associations can increase annual rents up to a maximum 7% rise (known as the ‘rent cap’). It is now down to individual housing associations to decide the level of rent rise up to the maximum 7% increase.
We appreciate many residents will be concerned about affording rent payments from April 2023 so here’s an update on what Brighter Places is doing.
We haven’t yet made a decision on the level of rent rise and whether this will be the maximum 7% increase.
As a not for profit housing association the vast majority of income we receive from rent is used to run resident services, maintain homes and help create strong communities. We are carefully considering what level of rent rise is fair to residents and means we can continue providing our services. It is a difficult balance – many of the costs we are charged to provide resident services are going up by more than 7% however we are very aware that many residents are already struggling to meet day to day living costs.
The rent rise will be finalised over the next few weeks as follows:
- We have consulted with the engagement panel on rent rise options and their impact on our financial position.
- In early February the Brighter Places Board will review the rent rise options and engagement panel feedback and make a decision on the rent rise.
- By the end of February we will write to all residents confirming their rent from early April.
Most benefits and the state pension will increase by 10.1% from 1 April however we appreciate many residents will be concerned about how to afford their rent alongside other living costs.
If you have any concerns about affording your rent please contact us on 0117 942 4600 or email firstname.lastname@example.org
There is a lot of cost of living support and advice on our website plus the Tenant Support Fund provides one off payments for tenants experiencing financial hardship. Find out more about the Fund and how to apply for up to £250 supermarket or energy vouchers.