We set our rents following strict guidelines set by the government and the Regulator for Social Housing. Each housing association’s Board makes its own decision about what rent they charge, following the guidelines, and the amount must cover our costs for providing services to customers and investing in homes.
Housing associations are allowed to increase their rents by up to CPI (Consumer Price Index) inflation plus 1% each year. Housing associations cannot raise their rents more than that by law, and this includes Magna.
For 2023, the government has set different rules for general needs and sheltered and supported housing customers, which means that:
- Most general needs customers will see a rent increase of 7%
- Most sheltered and supported housing customers will see a rent increase of 11.1%