The rent increase explained

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. If you are not clear about your tenure type, please call us on 01508 532000 or email info@saffronhousing.co.uk. 

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. (Please see below for information on the support which you may be eligible for). 

When we set rents, we must consider the affordability of any increases and make sure that we can still invest in maintaining and improving homes. We also need to fund our programme that is making homes more energy efficient, which will deliver long term benefits for tenants. 

For example, for a two-bedroom general needs property on average, your rent may increase by: 

1. £7.50 per week for tenants in a social rented property
2. £9.22 per week for tenants in an affordable rented property  

Please note that the above information is based on the rent element only and does not include service charges (where applicable).  

This financial year (1^st April 2024 to 1^st April 2025) is a 53-week year which means there will be 53 Mondays with the last Monday on 31 March 2025. 

This happens every five or six years because there are 365 days in a year or 366 in a leap year. This means there are 52 weeks in a year plus 1 day, or in a leap year 52 weeks plus 2 days. These extra days accumulate to add an extra week to the year. 

To calculate your new monthly amount, you will need to subtract any Housing Benefit/Universal Credit/Saffron rebate you may be entitled to from the new Gross weekly amount, then multiply this by 53 weeks and divide by 12 payments. If you would like further information about this, please contact the Income Team on 01508 532000.

The tenant portal allows you to check your balance and make a payment 24/7. For more information on what the portal offers and how to register, go to the ‘My Saffron portal’ page on our website, or alternatively contact us on 01508 532000.

Service charges are charged in addition to your rent for services provided to the communal areas, personal charges are charged for services provided specifically to your property such as heating or electricity.

Benefits legislation set by the Government restricts the calculation of Universal Credit to the weekly rent multiplied by a maximum of 52 weeks. This means that your Universal Credit will not cover your full rent for this financial year (53 weeks).   

If you receive the Universal Credit yourself or Saffron receive partial Universal Credit payments, you will need to make up the shortfall in your regular rent payments. If the Universal Credit is paid directly to Saffron and it normally covers the full rent this year you will need to make a payment to cover the extra week. This can be made in one lump sum or split across the year. Please note that your monthly Universal Credit payment statements will show the monthly amount based on 52 weeks rent.

If you would like to discuss your payments, please contact the Income Team by calling 01508 532000 or emailing incometeam@saffronhousing.co.uk.  

Once you have received your rent letter and you know what any changes will be to you, you can contact Saffron and speak to us: 

• Our Income Team can offer help and advice about any concerns you may have about paying your rent or service charge. You can contact them directly by emailing incometeam@saffronhousing.co.uk or call 01508 532000 and ask to speak to a member of the team.
• Our Rents and Service Charge Team can help you with any queries you have specifically about your service charge. You can contact them directly by emailing rentsandservicecharges@saffronhousing.co.uk or call 01508 532000.

If you are worried about being able to pay your rent, we may be able to offer you support.  

If you are not in full receipt of Housing Benefit or Universal Credit, we may be able to help through our Tenancy Sustainment Fund. Please contact us to see if this is something you could apply for.  

If you need help to pay your rent and you are of working age, please contact Universal Credit on 0800 3285644 or visit their website - https://www.gov.uk/universal-credit/how-to-claim. If you are of pension age, please contact your local authority.  

You can also check to see if you are entitled by using the benefit calculator at this web address - https://www.entitledto.co.uk/   

We continue to work in partnership with an organisation called Your Own Place to offer tenancy and independent living skills workshops for tenants. They cover a wide range of topics, such as - saving and budgeting, self-care, wellbeing, and digital skills. If you would like to attend one of the workshops, please contact us to find out more.  

We also have a free and completely confidential Tenant Support & Wellbeing Service to help tenants with a number of issues including managing debt. The service is available 24/7 with specialist advisors on hand. For more information call 0330 094 5593. 

In addition, there are other organisations who can help you with money advice and support: 

• Citizens Advice, citizensadvice.org.uk/, 0808 223 1133
• Turn 2 Us, turn2us.org.uk 
• Step Change, stepchange.org, 0800 138 1111 
• Money Helper (formerly the Money Advice Service), moneyhelper.org.uk/en 

We have lots of information on the ‘Advice and support’ page on our website offering helpful information including, funds, workshops and energy saving tips which you may find beneficial – www.saffronhousing.co.uk/residents/help-and-advice/extra-help-with-living-costs/