PI's: One Bed Net Rent
Rents: One Bed Net Rent
SWBM 020: Average GN 1 bed net rent
Rationale, Definition & Worked Example
Below you can find information regarding the rationale, definition and formula for this performance indicator. This includes a worked example to demonstrate how this indicator should be calculated.
Rationale
Average GN 1 bed net rent provides a like-for-like comparison of core rental levels for one-bedroom general needs properties. By excluding service charges, it gives a clearer view of base rent setting and supports benchmarking of affordability and income performance.
Definition
Net rent excludes service charges.
This KPI should be taken at the year end. It should be for those general needs properties you manage.
Formula
This PI calculates the average weekly rent as at 31 March for general needs dwellings owned and let on assured or secure tenancies. The average rent figure assumes 52 equal weekly payments (although associations may not collect the rent on this basis). The RSR form collects the average weekly rent for each size of dwelling owned, and the number of dwellings of that size.
Worked Example
Total weekly net rent for GN 1 bed properties = £25,000
Number of GN 1 bed properties = 200
Calculation:
£25,000 ÷ 200 = £125.00