22 February 2008

New Rent Policy Adopted

[Click here for a text copy of full press release]

Tenants First Housing Co-operative has adopted a new rent policy following a consultation process at the end of last year.

The new system aims to be fairer by ensuring that members pay comparable rents for similar properties. Based on a points system, homes are awarded a points score, based on various attributes of the property.

Commenting on the new rent policy, Pat Cahill, Housing Manager of Tenants First, said:

“It had become clear that we needed to change our rent system. As things stood, members staying in identical properties in the same location might be paying different amounts of rent.

“Following a consultation, our committee of management, which is composed of tenant members, approved the adoption of the points system. They felt that it was an easily-understood, fair method of setting rent levels.”

The new rent system, along with on an overall 5% annual increase, was approved by Tenants First’s committee of management in January. Notices have gone out to all members, other than those in market rent properties or supported accommodation.

“A crucial test of the new system was to ensure that it compared favourably with other social landlords and that the new rents are affordable,” Pat Cahill confirms. “To make that as transparent as possible, the notices give the rental figures for other social landlords and also include a figure showing members what their rent would be with a straight annual increase.”

For those whose new rent is less than they currently pay, the monthly rent will be reduced gradually by up to £5 each year until the revised rent level is reached. For those whose rent is increased there will be a similar gradual increase of no more than £15 per month, each year until the required level is reached.

The Rent Policy can be seen in our Policies section by clicking here.

Details of the consultation process can be seen in our Completed Reviews page by clicking here.