We calculate our assured rents using a format common amongst housing associations.
This formula looks at the value and size of the home and the average income of those living in the county. As you will see in your tenancy agreement, we review rent charges every year.
To make sure any rent rises are affordable, the Government limits the amount they can be increased.
Normally no rent will increase , in any one year, by more than the Consumer Price Index, plus one per cent.
However , due to the high level of the Consumer Price Index in 2022, the Government recently announced that any rent increase in 2023 will be capped at seven per cent.
For ‘fair rent’ tenants the rent change in 2023 is restricted to the lower of the seven per cent Government cap or the Registered Rent (which is reviewed and set by the Rent Service every two years)
If you rent one of our market rent properties, your rent is reviewed every year by BVT and our letting agent.
Market rents are higher than assured or ‘fair rents’ and are determined by the average costs in the area.