How is my rent reviewed?
Every February, we’ll send you a notice setting your rent for the forthcoming financial year (April to April).
In reviewing rents, we look at typical local incomes, the cost of maintaining homes, what we need to invest in improving homes and services, as well as comparing our rents to those of other social housing providers.
We also factor in Government and National Housing Federation guidance.
To read our rent setting policy in full, click here.
2023 increases and the Cost-of-Living crisis
With the Cost-of-Living crisis and inflation at over 10% affecting everyone this year’s process has been one of the most difficult we’ve ever experienced.
The huge rise in inflation means our costs – in particular for repairs and maintenance – have increased significantly. We know it also means your household costs – on everything from food to energy – have increased too.
So, when setting rent levels, we had a lot to consider.
This year, after very careful consideration and consultation with the Riverside Customer Voice Executive, Riverside’s Board has decided to increase rents by 7% for most tenants, in line with with the Government cap on increases.
We’ve published a detailed article about this here.
- For monthly rent and charges, the changes will apply from 1 April 2023
- For weekly rent and charges, the changes will apply from 3 April 2023
What are the Government rules on setting rents?
The Government determines how social housing rents are set and changed. These rules apply to social housing Riverside customers.
The Government ordinarily allows social housing providers like Riverside to increase most rents by up to the Consumer Price Index (CPI) +1%. CPI is a commonly use measure of inflation.
However, with CPI currently at 10.1%, that would mean a high level of increase so, this year, the Government has capped increases for most customers at 7%.
The Government has published more information about their decision to cap increases here.
How is my rent spent?
We work hard to deliver value for money by spending efficiently, investing income from rents into services and improving homes.
You can see a breakdown of how every £1 of rent is spent in our Annual Report.
I’m struggling with my rent, where can I get help?
If you struggle with, or expect to struggle with affordability, it’s vital you talk to us. We’ve made £500K available through our Helping Hand Fund which is designed to help customers experiencing financial or other challenges. Visit www.riverside.org.uk/letstalk to get help and find out more or call our dedicated support team on 0800 529 8789.