Your rent increase explained
17 January 2024
We review your rent every year and we follow rules set by the Government to ensure any changes we make are fair.
We will be increasing social rents by 7.7% from April 2024. This is in line with the Government’s guidelines which allow social housing providers to increase rents based on the Consumer Price Index (CPI) for September, plus 1%. The CPI measures changes in the prices of goods and services over time (inflation) and in September 2023 it was 6.7%.
We’ll be writing to all social rent tenants in London and Hertfordshire (former Network Homes areas) towards the end of February with more details on the rent increase. SNG colleagues have also attended our resident panel meetings to explain the changes.
Please note that if you are a secure tenant and pay fair rent then the amount you rent from April may not increase by as much as 7.7%. These will be increased in line with the Government's regulations and further details will be in your rent letter at the end of February.
What about other rents?
If you live in an Intermediate Rent property your rent will also go up by 7.7%. Tenants who live in London Living Rent and SmartRent properties (which are let at below market rents but are higher than social rents) will see a 6.7% rise which is in line with September 2023 CPI. Shared Ownership rent rises in April will be based on individual lease terms. As with social tenants we will be writing to all our other tenants and shared owners by the end of February to explain the rent increases.
From April estate parking charges will remain unchanged but rents for garages we manage in East Herts will go up by 6.7% in line with September CPI.
Why is my rent rising and what is it spent on?
The rent you pay for your home is our main source of income. We use this money to carry out repairs and improvements to homes and neighbourhoods. As a social-purpose housing association, every penny we receive is reinvested into providing good, affordable homes, as well as services for residents.
We supported social housing rents increasing below the rate of inflation last year, but the cost of maintaining homes has risen sharply and it’s important that we can continue to invest in modernising and improving our existing homes, while building much needed new affordable housing.
How we can support you
Many of you may be facing financial pressures because of rising prices and energy bills. We offer a range of support services for customers including: welfare and benefits advice, emergency financial support through our charitable fund, along with employment and training opportunities. If you’re struggling to pay your rent, please speak to us to find out what support is available to you.
Summary on rent increases from April 2024
- Social rents will go up by 7.7% (based on September 2023 CPI plus 1%).
- Fair rents may not rise by as much as 7.7%.
- Intermediate Rents will go up by 7.7% (based on September 2023 CPI plus 1%).
- London Living Rent/SmartRent will go up by 6.7% (based on September 2023 CPI only).
- Shared Ownership rent increases will depend on the terms of your lease.