53 Weeks - Paying your rent in 2024
This Financial year, there will be 53 Mondays rather than the normal 52. This is because every 4 years it is a leap year, which an extra day is added in February. This will mean your weekly rent debit will be applied 53 times this year as opposed to 52. This is something that happens every four or five years.
What does this mean for me?
This means you will have an extra week rent to pay for 2024/2025 finical year, your payment will look higher than you expected.
We will spread the additional week’s rent over a period of 12 months and the calculation we will use is as follows - Weekly rent x 53 (weeks) divide 12 (months). Here is an example: Weekly rent of £120 x 53 weeks = £6,360.00 £6,360.00 / 12 months = £530.00 per month.
How does it affect me?
If you are in receipt of Universal Credit and receive help towards your housing costs and your personal circumstances have not changed, unfortunately this additional week will not be covered, and you will need to plan to cover the additional week from your own personal allowance. The Universal Credit regulations do not cover 53-week years and Universal Credit continues to be calculated for 52 weeks only. More information on this can be found here: Universal Credit and rented housing: guide for landlords.
If you pay your rent weekly or fortnightly via a Direct Debit, there will be no impact and your payments will continue as normal to cover this additional week rent.
Struggling to pay what can I do?
Magenta Living is committed to supporting customers to sustain their tenancy. If you are concerned about money or having difficulty paying your rent, we want to hear from you as soon as possible. We have a dedicated Income Team who is on hand to provide support and advice on paying your rent.
We have an in-house Welfare Benefits team and Financial Inclusion team who can provide you with guidance and advice on maximising your income and claiming benefits. We are aware of the current financial pressures customers are facing with increases in fuel, food and household bills and we are here to help. Contact us straight away on 0808 100 9596.