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Changes to social and affordable rents from April 2023

Wooden house facade

This year, rents across all our social and affordable rented and shared ownership homes will be increasing in line with government guidance. Here’s what’s happening from April when the new charges come into effect, and what to do if you need support.

Published: 31/01/2023

We follow rules set by the government when we make any changes to your rent. If you live in a social, affordable rented or shared ownership home, your rent is increasing in line with the 7% cap the government has agreed to apply in 2023/24. This is to help keep rent levels down in light of the current high levels of inflation and the cost-of-living crisis.

The government hasn't put a cap on rents for supported housing because costs have risen for landlords who offer this type of specialist housing. This means they will go up by last September’s Consumer Price Index (CPI) plus 1% - a total of 11.1%.

Changes to your rent

We'll write to you to let you know what your new rent will be and how it was calculated. This depends on a range of factors, such as the type of tenancy that you have and when it started.

We’ll also confirm in your letter any changes to your service charge. You’ll be able to see at a glance what it costs us to deliver services not covered by your rent, such as cleaning and maintaining the communal areas. You’ll have at least one month’s notice before the changes come into effect.

Why is my rent increasing?

Our priority is to invest more in our existing homes, buildings and services, as well as providing more social and affordable homes to help people in housing need. We also deliver a wide range of community programmes to help people flourish.

Rising prices affect us too, as it costs us more to provide services. Increasing rents in line with the government guidance means we can deliver our promises to you to continue investing in your homes and communities.

If we don’t do this, there is a higher risk that we may face tougher financial challenges in the future, making it harder for us to deliver services to residents, invest in our existing homes and build new homes for people who need them.

We’re here to help

We know that these are tough times and that living and energy costs are rising. Please talk to us if you’re worried about how to manage your finances or how you’ll be able to pay your rent or service charge. Our wellbeing and advice teams are here to help you. We also partner with a range of other organisations who can help. For more information, please visit our Help and Advice page, cost-of-living support or call us on 0300 123 3456.

Our Support Finder can help you find organisations and resources based on where you live and the type of support you’re looking for.

Contact us

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