Most of our new homes are let on an Affordable Rent. This is a different way of renting housing association homes, introduced by the government in 2011.
An Affordable Rent is set at up to 80% of the market rent (i.e. the average rent for local private lettings) inclusive of any service charges, so it costs less than renting privately but is generally more than other types of housing association rent. The tenancy will also be for a fixed term of five years (or for 10 years for new tenancies from April 2018).
Affordable Rent was introduced to help fund the building of new homes in England. The government has substantially reduced the amount of money it gives housing associations, so we have to charge these higher rents to allow us to build more homes. We are committed to building new homes because there are so many people who desperately need housing.
Affordable Rent will affect most new tenants moving into one of our new homes. Some of our existing homes will also be transferred to Affordable Rent when they are re-let. However, most of our retirement and independent living housing is not affected.
Affordable Rent does not affect existing tenancies. So if you are already one of our tenants, you will only be affected if you choose to move to a different home that is let on an Affordable Rent.
Here are some of the most common questions we are asked about Affordable Rent.