Social and affordable rent
Most Leeds Federated customers will pay a social or affordable rent. The government gives us permission to increase these rents every year using a formula based on the Consumer Price Index (CPI) from the previous September, plus an extra 1% in line with the Rent Standard.
If you pay social rent, you have to pay service charges in addition to the rent you pay.
If you pay affordable rent, service charges are included in your rent.
How is the CPI calculated?
The Office for National Statistics calculates the CPI by recording the prices of everyday items and services in what is known as a ‘basket of goods.’ They look at how much these prices have risen since the same date in the past year and publish a CPI figure each month.
Secure or fair rent
Customers paying a secure or fair rent have their rent amount decided by a rent officer at the Government’s Valuation Office Agency. As with social rent, you also need to pay any service charges in addition to your rent.
Intermediate market rent and market rent
Other types of rent include intermediate market rent and market rent – these rents are increased based on the specific terms set out in your tenancy agreement.
Service charges for intermediate market and market rent are included in your rent.
Shared Ownership
Your lease will dictate when your rent can be increased and by how much. As with social rent, you also need to pay any service charges in addition to your rent.