Introduction
This Policy details how North Tyneside Council set new rents, review rents annually and the Authority's approach to income management. It applies to all housing including all social and affordable rent, garage tenancies and long lease for flats sold under the right to buy provisions.
The Authority is responsible for calculating rents applicable to every Council home, using a formula based on the value of the home, average income for the area and Government guidelines. The higher the value of the property the higher the rent calculated, however, to protect tenants from large increases the Government caps the amount by which rent can increase in any one year.
Effective income management ensures that the Council can continue to deliver a good housing service, develop and maintain homes and help sustain viable tenancy arrangements by ensuring that all tenants receive the appropriate support and advice to enable them to deal with their finances.