You will have received your annual rent letter week commencing 26th February 2024 which includes information and your rent increasing and any service charges applicable to you. Each year, Government guides any changes in rent made by all housing associations, which includes Saffron. They have published guidance enabling them to raise their rents by CPI+1% for the 2024-25 financial year, taking effect from 1st April 2024.
CPI stands for the Consumer Price Index. It is a measure of inflation that is made every month. We are required to use September’s CPI which was 6.7%. In line with this Saffron have therefore decided to increase rents by up to 7.7% (September CPI plus an additional 1%).
All rents will be increased by CPI+1%. This includes all types of tenures, including – social, affordable, intermediate, Learning Disabilities, and garages.
Increasing rents is an important part of enabling us to continue to invest in existing homes and support tenants by improving homes, increasing energy efficiency and offering specific targeted support on the cost of living. As part of this support, we will be making 1% of income collected through rent available for immediate cost of living and tenancy sustainment support in 2024/25.
To help answer any questions you may have about your rent letter, we have some Frequently Asked Questions which includes information on who can help you if you have any concerns. You can read these on the ‘The rent increase explained’ page by clicking here.