Rent policy

A new way of setting rents

Greenoak reviews its rents every year and adjustments take place on 1 April. We are committed to ensuring that rents are affordable and that comparable rents are charged for similar properties regardless of the form of tenure.

Until 2002, every housing association used its own policies and methods for setting rents. This often resulted in quite different rents for similar houses in the same area. The government therefore introduced a new rent regime so that by 2012, all comparable properties in similar areas will have similar rents, regardless of landlord.

This applies to all assured tenancies except market rent properties let on assured short-hold tenancies.

Fair rent properties are also included in the scheme and comparable formula rents are being used as part of the rent review procedure.

Greenoak’s fair and assured rents had already converged and are treated similarly in restructuring, subject to an upper limit of registered fair rents if applicable.

No increases will be more than inflation plus £2 per week.

The new rent system takes the following account:

Average earnings
National average social housing rent
Number of bedrooms
Property values (as at 01/99)

To avoid excessive individual rent increases or decreases, no annual adjustment will exceed the retail price index published by the Govt (RPI) + 0.5% plus or minus £2 per week.

Our policy is to change rents each year to reach target rents as soon as possible. If your rent is below target rent, your rent will increase by RPI (retail price index) plus 0.5% plus £2 per week. If your rent is above target rent, your rent will increase at RPI (retail price index) plus 0.5% but then have £2 deducted. The above will continue until rents reach target rents.

New tenancies

New people beginning tenancies will commence with the target rent for the individual property.

Service charges

All service charges are based on cost.

Housing Benefit

If you receive full housing benefit, this should still cover any increase.