Rent change information
This year rents are increasing for the first time in four years. You may have received an email newsletter from us about this. You can find these below, as well as some frequently asked questions.
Rent change newsletters
How much will the increase be?
We will be increasing rents by up to 2.7% on 6 April 2020. You will receive a letter in March 2020 to confirm how much your new rent payments will be.
Why is there a rent increase?
The government sets the guidelines for social landlords to follow when reviewing rents. In 2016, they set out that all social housing providers should reduce their rents every year for four years. They have now advised that for the next 5 years, landlords can review rents annually using September’s Consumer Price Index plus an additional 1%. The published Consumer Price Index for September 2019 was 1.7%
What is Consumer Price Index
It is a price index which tracks the prices of set of consumer goods and services which provides a measure of inflation across the UK.
How will Paradigm spend the additional rent income?
The money we collect in rent is used to pay for services to residents and building new, affordable homes for those who need them the most. Any surplus we make is put back into building new homes for rent or shared ownership purchase.
I claim Housing Benefit or Universal Credit. Is there anything I need to do?
You must contact your benefit provider immediately and advise them of this change. If you are in receipt of Universal Credit please contact the Department of Work and Pensions on 0800 328 5644.
Will the cost of my service charge change too?
Your service charge amount will change from Monday July 6th.
It may go up or down depending on how much we spent in the previous year. You will get at least four weeks’ notice of the change.
What if I have difficulty paying my rent?
If you’re struggling to pay your rent, contact us immediately on 0300 303 1010.
It’s important to let us know as soon as possible to stop debts building up that will be difficult to repay.