Over the past four years all social housing tenants have benefited from a rent reduction of 1%. This was a direct result following a decision made by central government. This year along with most other social housing providers Magenta Living are proposing to increase rents by 2.7%, which again mirrors central government regulations.
Following the 2.7% increase, the average rent charged for a Magenta Living home as at April 2020 will be £87.03. However, as a result of rents reducing over the previous four years, this 2020 figure is still lower than the average of £88.22 charged in April 2015.
Like most similar organisations, Magenta Living faces increased costs each year due to inflation and by increasing the rents we charge, this enables us to cover these costs and maintain the services we offer. This additional income will ensure Magenta Living continues to:
- Re-invest in existing homes, providing safe and warm homes for all tenants
- Build much needed new homes
- Create over £16million in social value through local job and training opportunities, community regeneration activities and the provision of community properties
- Deliver day-to-day neighbourhood management and supported housing services and financial inclusion advice and support
- Deliver our Vision of Vibrant … homes, lives, neighbourhoods
Click here to read further information about the rent increase.