After a 4 year period of rent reductions, from April 2020 our rent levels will increase in line with Government guidance.
We fully understand that any increase to rents will not be good news. However, the Government introduced a policy of rent reductions of 1% each year for 4 years from April 2016 and this will come to an end in March 2020. In April 2020 a new rent increase policy will come into effect in line with Government guidance.
What does this mean for me?
We are committed to holding rents at an affordable level and no rent will increase by more than 2.7%.
Here are some examples of the impact of the increase:
A rent of £50 a week will go up to £51.35 a week
A rent of £75 a week will go up to £77.03 a week
A rent of £100 a week will go up to £102.70 a week
By increasing rents, we can ensure that we can continue to maintain your property to a decent standard and provide good customer service. The 4-year rent reductions has meant a significant reduction in our income and whilst we have found efficiency savings in number of areas, the costs of maintaining properties continues to increase.
As a tenant of Arawak Walton, you have a named housing officer that can support you, if needed, with your budgeting and money management.
We will let you know individually by the end of February how the changes will affect the amount of rent you will pay, in your annual rent statement.