Caledonia is consulting on its rent increase for 2024/24 which is proposed to be 7.7%. This rent increase proposal is in line with the Rent Policy and is not higher than CPI inflation plus 1%.
Like all businesses, Caledonia has been impacted by the high rate of inflation and rising costs. This was particularly so in 2023/24 where the prevailing inflation rate was as high as 11.1%. During the year Caledonia rents were only increased by 5%. However, the cost increases on items affecting Caledonia’s expenditure; such as energy, insurance, interest rates, repair materials and labour; was significantly higher than 11.1%. These increases had to be absorbed by Caledonia and make it especially important that it finds the right balance for 2024/25 between rents that are reasonable and having enough income to maintain services and invest in its homes.
Caledonia has sent every resident a leaflet outlining the rent increase proposal for 2024/25, its business plan commitments, details of the average rent after the increase has been applied and how each £1 of rental income will be spent. A digital version of the leaflet outlining the rent increase proposal for 2024/25 can be found here: Caledonia Rent Increase Leaflet 2024/25
Caledonia very much want to hear residents’ views about the rent increase and would ask that people complete the survey (link below) or reply using the FREEPOST reply form on the leaflet. Feedback will be reported to the Management Committee before a final decision is made.
We would remind residents that we are here to help & would advise anyone who thinks they may have issues with their rent payment to contact their Neighbourhood Officer who can assist them to access a range of advice & support. In the first instance call 0800 678 1228 and speak to one of our Customer Service Advisors.
The survey can be found here: Caledonia Rent Increase Survey 2024/25
All respondents will be entered into a prize draw for a £50 shopping voucher. The survey closes on 20th February, 2024.