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 the majority of rents by up to 1.5% on 5th April 2021. You will receive a letter in March 2021 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. Landlords can review rents annually using September’s Consumer Price Index plus an additional 1%. The published Consumer Price Index for September 2020 was 0.5%
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?
If you claim Universal Credit
You must report this change to the DWP by completing the ‘confirming your housing costs’ to do notification on your Universal Credit journal.
Please do this on or after 5th April 2021. Do not report this change beforehand as your claim may not be updated.
If you claim Housing Benefit
You must report this change to your local council by providing a copy of this letter to the Housing Benefit department.
Will the cost of my service charge change too?
Your service charge amount will change from Monday July 5th.
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.