Back in January 2023, we consulted you on three-options. This led to a below inflation increase of 7.5% in April 2023. On average this saved each tenant approximately £260 over the year. However, it also meant that we had to postpone works such as kitchen replacements for a three-year period.
A year on and the economy is still feeling the impacts of significant effects of inflation and other events putting pressure on the everyday necessities that we buy. This also affects the costs of goods and services that we buy and, therefore ultimately the services we provide you.
Therefore, we have made the decision to consult with you on a one-year basis for 2024/25. One of the options includes sticking with our Business Plan recommendation of RPI only which would see an 8.9% uplift. With this you would not notice any reduction in planned works such as kitchen replacements. An average weekly rent with the Association is currently £97.03, such an increase would see an average weekly rent of £105.66 and therefore we want to be clear with you what each of the three options we are presenting means.
At the same time, we know that many people are still struggling with higher food, energy, and general living costs. Tenants on low incomes are facing big challenges to afford even the essentials now and, in the months, ahead. In our Customer Satisfaction Survey in Autumn 2022 tenants indicated that rent affordability was one of their top priorities amidst the current cost of living crisis.
It is therefore especially critical that our consultation with you tries to find the right balance between rent affordability and the need to maintain our services and continue investing in our homes.
We have sent all tenant and sharing owner households a detailed leaflet and survey form setting out the three options, information is also available in the links below, outlining what services will be affected with each proposed increase. We would be grateful if you could take the time to complete the survey.
Please follow the links below to take part in the survey and you will be entered into a prize draw to win a cash prize of either £50 or £25.
The closing date for both surveys is 5pm on Monday 22 January 2024.
Rent Consultation Survey - https://forms.office.com/e/xFZecKMHTE
Occupancy Charge Survey - https://forms.office.com/e/qfTQ146iza
Rent Consultation & Occupancy Charge Consultation information leaflet - See below
Related link: Rent & Occupancy Information Leaflets