When meeting ministers, The Almshouse Association continues to emphasise the importance of providing long term guidance and stability so our members can budget over a longer term.
Today (4 Jan 2024) the Regulator of Social Housing (RSL) published its annual rent limit guidance document. This latest Policy Statement on Rents for Social Housing applies to 2024/25 increases and confirms a maximum 7.7% for social housing rent increases ( i.e. the September CPI (6.7%) + 1% = 7.7%) from April 2024.
Annual adjustment of formula rent
Every year, the annual September Consumer Price Index figure is used to establish the limit on annual rent increases for social housing. The RSL’s Annual Rent Limit Guidance document document contains adjusted tables to help providers ensure that they use the correct annual percentage to increase their rent. It also provides the additional data needed to work out formula rent for new properties.
Full guidance on how to calculate formula rents can be found in the Policy Statement on Rents for Social Housing (Policy Statement) which is published on the Department for Levelling Up, Housing and Communities website. The Policy Statement sets out the government’s policy on rents from 1 April 2024 to 31 March 2025.
Whilst almshouse charities do not charge rent, and government guidance does apply to Registered Providers’ weekly maintenance charges, non-registered provider almshouse charities may want to use the information for information/ guidance purposes. Please also see our guidance here:
https://www.almshouses.org/news/wmc-specimen-outline-budget-2024/
posted 4 January 2024