We are aware that some tenants have been receiving text reminders of the 53 week rent year. Please note that this is a legitimate message from us and should be taken into account.
365 days in a year is the equivalent of 52 whole weeks and one day (two in a leap year). Over five or six years, these extra days build up and make an extra week of the rent year.
In the 2024/25 financial year, which runs from 1 April 2024 to 31 March 2025, there are 53 Mondays.
The 53 week financial year will only impact those who either pay their rent themselves (working) or are in receipt of Universal Credit.
Our tenants who are still on legacy benefits, and therefore still receive housing benefits each week, will not be affected.
For those that work or are in receipt of Universal Credit, the rent is worked out as follows: Weekly rent x 53 weeks / 12 months.
The issue with those in receipt of Universal Credit is that it will only pay for 52 weeks of the year, and it is down to you, the tenant, to pay the extra week.
We encourage tenants to spread the cost of the 53rd week over the year, for example:
Weekly rent £90.00 x 53 weeks = £4770 / 12 Months = £397.50
For a tenant in receipt of Universal Credit receiving full housing costs, Universal Credit will pay £390 (£90 x 52 weeks / 12 months) therefore leaving the tenant to pay £7.50 each month.
Still unsure?
If you're in need of further advice and support, our Income Management team are happy to help!
Please call us on 01302 862862 and select option two, or visit our webpage for more information.