The Regulator of Social Housing today published the 2023 Rent Standard, which sets out the approach all registered providers must take to implement rent increases in 2023/24.
The 2023 Rent Standard confirms the following:
- A 7% ceiling on the annual increase of rent for low-cost rental accommodation (for both social and affordable rented housing) in rent periods that begin in the 12 months from 1 April 2023 to 31 March 2024
- The 7% ceiling does not apply to the calculation of formula rent or the rent cap that applies when social rent properties are first let or relet; these continue to increase by CPI plus 1 percentage point and CPI plus 1.5 percentage points, respectively.
Supported housing is not covered by the 2023 Rent Standard. For supported housing, registered providers should ensure they continue to comply with the 2020 Rent Standard.