Rent Increase Consultation – Headline Results
345 tenants took part in this year’s Rent Increase Consultation. This consultation is always important, and as we’d already consulted on an inflation-only consultation as part of the 3 year deal agreed in 2021, we expected thing to go smoothly. But when the November Retail Price Index was revealed to be 7.1%, we felt we needed to revisit the inflation-only increase.
Fortunately, Captain Discount was prepared for a high inflation figure and had been looking at ways to mitigate it. There were several weeks of spreadsheet formulas, checking loan covenants, 30 year projections and all the other Finance wizardry that goes on behind the scenes, and then he sprang into action, drafting a new consultation. Instead of inflation-only, Captain Discount consulted on inflation minus 2%.
While no one likes a rent increase, we’re glad so many tenants read through the consultation document and made an informed response. We're pleased that 75% of tenants agreed with our proposal, and our Management Committee has now approved this as our Rent increase for 2022.
We will write to everyone later this month with details of their new rent from April.
To read a few samples of comments we got from tenants, see The Good, The Bad and The Ugly article.