Rent change information
Your rent will be increasing from April 2024. You should have received, or will shortly receive, a letter through the post with more information.
How much will the increase be?
We will be increasing the majority of rents by 7.7% from 1 April 2024. Your letter will confirm how much you need to pay from that date.
Why is there a rent increase?
Rent levels are based on a formula set by the Government which is the rate of inflation in the previous September, plus 1%. This means that some years you will pay more than the current rate of inflation and some years you will pay less.
How does Paradigm spend the money it gets from rent?
We are impacted by rising costs, including the cost of materials. This means the work we do including repairs and installing new boilers, windows, kitchens and bathrooms, continues to get more expensive. The costs of insuring and financing our properties are also much higher than they were.
The rent increase means we can continue to invest in making sure our homes are safe and comfortable and building new homes.
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 1 April 2024. 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 your rent increase letter to the Housing Benefit department.
Will the cost of my service charge change too?
For most customers, your service charge amount will change in July and may also show an increase. You will get at least four weeks’ notice of the change.
Former One Housing and Guinness Partnership customers will receive their service charge notification at the same time as their rent letters in March.
What if I have difficulty paying my rent?
We know this is a difficult time for many people and you may be having financial problems. 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.
We have a dedicated team of staff who can help. We can help with things like:
- Setting up payment plans, where appropriate
- Signposting you to support services
- Making sure you are claiming all the benefits you are entitled to.
You can find more information on the Support Hub on this website.
What if I am on Affordable Rent?
If you are on Affordable Rent you are paying up to 80% of the local market rent levels and this includes service charges. This means that your total rent, including service charges, will increase by 7.7%.
If you’re a Shared Owner looking for information about changes to your rent, you can find it here.