The paper estimates the number of dwelling units which are owned by housing associations (HAs) where their average net rents at the local authority (LA) level for the appropriate property size is at or above the relevant rent cap. The analysis is carried out for 2002/03, the time when the target rent/rent cap regime was implemented, and for 2005/06 – the later data available. In addition, it estimates the number of different size units where average rents by HA at the LA level were within £5 of the rent cap in the same years. The analysis can only be indicative because they are based not on individual rents but on average rents set by HAs by bedsize in each LA area.