Your rent and service charges
As set out in your Occupational Contract, our rents and service charges are reviewed on an annual basis, and any changes to your rent is then applied on 1st April 2025 (which will stay the same until 31 March 2026). We write to all tenants in January of each year advising of any changes and what your new rent will be.
We must provide tenants with 2 months’ notice of your new rent, in line with the Renting Homes (Wales) Act.
Each housing association sets their own rents in line with their ‘Living Rent’ model. MHA’s Local Rent Setting Policy was introduced in 2021 to ensure affordability and fairness of rents.
Where our money comes from
Housing associations receive money from a variety of sources and spend money in many important ways to ensure our homes are safe, secure and maintained and we are providing the services our residents value the most.
Where our money comes from:
Our total income for 2023/24: £28.23m
- Rents received £21.97m
- Service charges £0.64m
- Government grants £2.45m
- Solar panels £0.45m
- Property sales £1.43m
- Loan interest £0.46m
- Other £0.83m
Where our money goes:
Our total expenditure 2023/24: £22.52m
- Management costs £4.50m
- Service charge costs £1.38m
- Day to day maintenance £8.78m
- Major repairs £0.57m
- Loan interest £1.18m
- Depreciation £5.43m
- Solar panels £0.03m
- Other £1.73m
The above pie charts give a breakdown of where our money comes from (our income) and where it goes (our expenditure).
The costs of our services and building new homes typically increase every year, and we apply an annual increase to the rent to ensure we can continue to provide safe homes and quality services.
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