CCHA to drop Rents by 0.9% from April 2010
From April 2010, all those who would normally receive a rent rise each year will be getting a rent cut.
Rent increases each year are based upon a Government formula which is calculated on the basis of the RPI (Retail Price Index) of inflation at the end of September. Inflation was high in 2008 leading to unusually high rent increases; this year inflation at the end of September was a negative figure meaning a rent reduction for many residents. Ian Winslet, Chief Executive said "This is the first time in our history that I've known a cut in rent to take place but absolutely right that we should follow the formula and reduce rents after such a large increase last year. CCHA has planned for this reduction and there will be no reduction in the quality of service offered as a result".
The rent reduction formula applies to those residents on assured tenancies who would normally receive an adjustment to their rent each year. Those on secure tenancies, licence agreements and any other tenancy may not benefit from this change. Service Charges also fall outside of the formula, full details will be given to each resident in writing at the point at which their rent is adjusted.
