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Understanding what a 53-week year means and the payment options available for you.

Published: 14/06/2024

What it means for you

If your rent is charged weekly, you will need to pay an extra week's rent for this financial year (1 April 2024 - 1 April 2025). This is because there is an extra week in this year. Residents who pay by direct debit have already had the increase applied and you don't have to do anything. Leaseholders and homeowners are charged monthly, so this won’t affect you. For residents receiving Universal Credit, the UC won't cover the extra week.

This only applies to residents who pay weekly.

How your weekly rent is calculated

Weekly rent is calculated over 52 weeks, equivalent to 365 days a year (plus one day). Leap years have 366 days (plus two days). Over time, the difference in days add up, leading to more weeks in certain years. A 53-week year happens every five or six years.

How to pay and ways to pay

To reduce the impact at the end of the financial year, we recommend paying a little extra each week. If you prefer, you can make a one-off payment for the weekly rent amount. For bank transfer, please quote your payment reference and use the following details:

Account Name: Peabody Trust
Account Number: 09574174
Sort Code: 18-00-02

Alternatively you can:

Keeping on top of your payments

Financial support

If you are struggling to pay your rent or service charge, our Financial Inclusion team can support with welfare benefits and money advice.

Still unsure what this means for you?

If you would like to speak with someone about what to do, please contact us on 020 3478 9750.

If you haven’t already, why not register for My Peabody, the simple way to manage everything about your home, including paying your rent, in one place.

Register here

Contact us

Got specific questions about Peabody? We’re always happy to help.