What is affordable rent?
Affordable rents were introduced by the Government to allow social housing providers, like L&Q, to charge up to 80% of the local market rent for the homes we let. These rents may be higher than those we've charged in the past and the extra income we get will be used to help develop new homes for those in housing need.
How much does affordable rent cost?
The rent we charge will be no more than 80% of the market rent value, but may be lower depending on location. This means that homes will remain more affordable than renting privately.
Affordable rent homes will be available to applicants in housing need that have household incomes of up to £71,000 (if moving into one or two bed homes) or £85,000 (if moving into three bed or larger homes).
Some of the most frequently asked questions we receive about affordable rents are set out below:
Will Affordable Rent homes be available for transfers?
Yes. When advertising through Choice Based Lettings we will indicate those homes being let at an affordable rent, to help give clear information to those considering making bids.
What tenancy agreement will I have if I move into an affordable rent home?
Most people moving into homes let at an affordable rent will get a fixed term tenancy, which will be reviewed after a period of five years. Those moving in who are 60 years of age or more will get a lifetime tenancy, along with existing secure tenants of L&Q who will get a lifetime periodic tenancy. Secure tenants will pay the registered rent or the affordable rent, which we will register as the fair rent.
New residents to L&Q will be offered a tenancy that incorporates a one year probationary period. This will run on into the fixed term if residents keep to their terms and conditions of tenancy.
Will the rent stay the same throughout my tenancy?
The maximum annual rent increase on an affordable rent property will be inflation + 0.5%. This is the maximum we can increase the rent during the fixed term of your tenancy. We will rebase the rent on each occasion that a tenancy is renewed, meaning that rents could go up or down depending on market conditions.
Are there any other differences?
Residents moving into homes charged at an affordable rent will have the statutory and contractual rights associated with their tenancy type.