The rent we charge you covers the use and occupation of your home. All the rents we collect are used to cover such items as the cost of managing and repairing your home and budgeting for major repairs or improvements in the future.
Your tenancy agreement gives you full details about your rent and any other charges and describes how your rent is calculated.
We also have a rent setting policy.
How we work out your rent
All housing associations and councils have a formula for calculating rents. This means rents are fairer, reflecting more closely the size, condition and location of a property and local earnings, regardless of who the landlord is.
The formula is based on the following factors:
- 30% of the rent is based on local property values in comparison with national averages
- 70% of the rent is based on county average manual earnings compared to national averages
- The average council and/or housing association rent level in the area
- Number of bedrooms
Annual rent reviews
We review rents every year and we will send you a letter telling you about your new rent. We will give you at least 4 weeks’ notice of your new charges. We sent letters out to almost all tenants in February 2017 to let you know what your new rent will be. If you didn't receive this, please let us know.
Rent reductions from April 2017
The government told all social landlords, like Magna, that from 1 April 2016 we must reduce rents for general needs properties by 1% each year for the next four years. This means if you currently pay £100 per week it will change to £99 per week from April 2017 until March 2018.
This reduction will also apply to sheltered housing properties from April 2017 for the next three years.
Service charges are not included in the rent calculation.
You may pay service charges in addition to your rent. A service charge is a charge made to residents towards the cost of services, works and facilities provided for them beyond the use and occupation of their own home. Service charges relate to the cost of providing and maintaining services specific to a building, estate or area.
We aim to provide high quality services that are affordable to people living on low incomes. We are required to meet our financial, legal, health and safety and other commitments, as well as covering our costs and making proper provision for future repairs.
Rents on properties not covered by the rent influencing regime
The rents on a few of our properties are worked out in a different way to that described above.
Some properties are not included in the rent reduction. These include shared ownership, market rented units and temporary social housing.
The rents on shared ownership properties are increased in accordance with the lease agreement.
We set rents for market rented and intermediate rented properties in line with the local market. We have increased these rents by the consumer price index plus 1%, resulting in a 2% increase this year.
Properties classed as “temporary social housing” have rents set at a level decided by the government or at some other level in agreement with the local authority. Rents are increased by the consumer price index plus 1%, resulting in a 2% increase this year.
If you’re not sure what type of property you pay rent to us on please contact your housing officer »
If you would like more information about rent setting, please contact our finance department on 01305 216136.