2024/25 Rent Increase

Ore Valley Housing Association outlines its increase on rents for 2024/25.

OVHA Rents 2024

  • 29 Feb 2024
  • Useful Information

Following careful consideration our Board has approved a rent increase of 6.0% for our social rented houses from 1st April 2024, adding £5.66 a week to the average rent cost. 

This increase is 2.1% above the CPI inflation rate for November 2023 and will be our first above inflation increase since April 2021 and follows a rent increase of 5.35% lower than inflation last year. 

Colin McInnes, Housing Manager, said any increase in the current financial climate was a difficult one to make but it was essential to allow us to deliver our plans for home improvements while reducing fuel poverty and continuing to deliver vital tenancy support services and new build homes for those in most housing need. 

The increase that we are introducing is lower or similar to those being proposed by the other Social Landlords in Fife and throughout Scotland and this reflects the budget pressures and increasing financial demands being placed on social landlords at a time when Fife Council are on the brink of announcing a housing emergency in our local area. 

Our average weekly rent from April 2024 will now be £101.55. 

We have assessed the affordability of our increase and determine that in most cases our rent will be between 25-30% of our tenant's net income but we do recognise that any increased financial pressures are likely to be borne by low income working age tenants who are not already receiving financial support with their housing costs. 

To reduce this risk, we are increasing our tenancy support budget by £6K to assist tenants who are paying full rent and are financially vulnerable or facing severe hardship due to other increased costs. 

If you have any difficulties paying your rent, please contact our office on 01592 721917.

Tenancy Support - Ore Valley Housing Association