How is my rent set?
As part of the governments Rent Restructuring policy in 2002 all Registered Social Landlords and Housing Associations were tasked to bring their rents in line with one another. Prior to this policy Housing Association tenants were often seen to be paying higher levels of rent than people living in similar style Council owned properties.
Target Rents
To help achieve this goal the governmnt introduced Traget Rents to bring the rents in line, this process is the way in which YCH calculates the rents for each property. It is calculated using the following criteria in a formula:
Value of property (30%)
Average manual earnings for the county (70%)
No. of bedrooms will also be taken into account so that those with fewer bedrooms will pay less.
Target rents can increase or decrease annually, and this is done through adding no more than the Rate of Inflation +05%; +/- £2.00 to the existing rent.
Once the target rent is achieved the most the rent will increase will be inflation plus 0.5%
Service Charges
In order to maintain a high level of service additional charges may be placed on communal flats or schemes. These changes are calculated every year based on the usage of what is being charged for. For Example communal washing facilities in some sheltered complexes will be factored into the rent on an annual basis based on the amount that the service cost in the previous financial year. Consequently these charges may differ from year to year.
other service charges could include aerials in communal properties. For charges such as these often the charge will be spread over a number of years, based on the expected life cycle of the facility.
If you have any queries relating to how your rent is set please contact our Call Centre on 0845 065 5656 who will be happy to advise.
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0845 065 56 56
Yorkshire Coast Homes
Brook House
4 Gladstone Road
Scarborough
North Yorkshire
YO12 7BH