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.
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).
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.
Will the rent stay the same throughout my tenancy?
Every year, we review the rent you pay for your home, and your new rent comes into effect each April.
We follow rules set by the government when we calculate any changes to your rent. In 2020, the rules say rents can be increased by last September's Consumer Price Index, a common measure of inflation, plus an extra 1%.
The Consumer Price Index in September 2019 was 1.7%, so most rents will have increased by 2.7% from April 2020. We'll write to you about this beforehand, letting you know exactly what your new rent will be.
Most people moving into homes let at an affordable rent will get a fixed 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 of 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.