Changes to Rent for 2024/25 for Populo Homes Tenants
Posted 01 March 2024
Changes to Rent for 2024/25 for Populo Homes TenantsWe would like to inform Populo Homes Tenants that in April 2024, there will be an increase in your rent. Our rents are increased in line with the Government’s Rent Standard, which sets that rent increases are determined based on the Consumer Price Index (CPI) plus 1%., The CPI rate to be applied is the prevailing CPI rate at the September of the preceding year of the rent rise. Given that the CPI was 6.7% in September 2023, your rent will increase by 7.7% from the 1st April 2024.
This increase is essential to ensure that we can continue to maintain the quality of your home, enhance our services, and contribute to building more new affordable homes in Newham. Depending on your tenancy type, the increase may be inclusive or exclusive of service charges.
The government has confirmed that the majority of benefits will also rise by 6.7%, aligning with inflation.
Should you have any unanswered questions, please feel free to contact us at 020 7112 8901 or email us at hello@populoliving.co.uk
Reasons for the Rent Increase
The decision to increase your rent aligns with the Government Rent Standard. Like all businesses, Populo has also been subject to the inflationary pressures that all have suffered over the past 18 months. As the CPI increases, so do our costs. As a charitable housing association, all the funds generated are reinvested into affordable homes and the services we provide.
You will receive the specific details of your rent increase in a letter that will be sent to you in March.
Government Rent Standard
The Rent Standard is an economic guideline set by the Regulator of Social Housing, which registered providers like Populo Homes are expected to adhere to. This standard outlines the requirements for setting and increasing rents for all social housing properties in line with government policy. For more information about the Rent Standard, please visit here.
Housing Benefit and Universal Credit
If your Housing Benefit is paid directly to you, please inform Housing Benefit of your rent increase before 1st April 2024, to ensure that you receive the correct payments. If your Housing Benefit is paid directly to Populo Homes, no action is required as we will inform Housing Benefit of your new rent.
For Universal Credit recipients, after receiving your rent changes letter in March, please inform the DWP of the increase via the online portal's journal section after the rent increase has been applied, to avoid any issues with receiving your benefits.
Difficulty Affording the Rent Increase
Our Income Officers at Populo Homes are dedicated to helping tenants manage the financial aspects of their tenancies. If you require assistance in paying your rent, please reach out to an Income Officer by emailing rents@populoliving.co.uk. Alternatively, support is available from the local Citizens Advice Bureau.
We are here to ensure that you get the most out of your income and benefits, and to support you through any changes in circumstances.