Cordale is consulting on its rent increase for 2024/24 which is proposed to be 7.7%. This rent increase proposal is in line with its Rent Policy and is not higher than CPI inflation plus 1%.
Like all businesses, Cordale 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 10.1%. During the year Cordale rents were only increased by 5%. However the cost increases on items affecting Cordale’s expenditure; such as energy, insurance, interest rates, repair materials and labour; was significantly higher than 10.1%. These increases had to be absorbed by Cordale 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.
Cordale 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. Residents can also complete an online survey by following this link. Cordale 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.
The survey can be found here: https://www.surveymonkey.com/r/CordaleRentIncrease2024
All respondents will be entered into a prize draw for a £50 shopping voucher. The survey closes on 19th February, 2024.