Affordable Rent Tenancies
What does my rent pay for?
Your rent pays for:
- repairs and improvements to your home and the surrounding neighbourhood
- our office and staff costs
- interest on the loans we have taken out in order to build new homes.
How do you decide how much my rent is?
The property you rent from us is let under an Affordable Rent. An Affordable Rent is set at a maximum of 80% of the market rent for the area the property is in and is inclusive of the service charge. The service charge does not include Council Tax or utility costs which are specific to your individual property and which you must pay for separately.
If the market rent for a two bedroom flat is £250 per week, our affordable rent for a two bedroom flat in the same area will be no more than £200 per week.
Why does my rent change?
The Government requires social Landlords to apply a set formula when calculating annual rent increases or decreases. From April 2016, the majority of social housing rents was reduced by 1% per year, for four years.
What does my service charge pay for?
Affordable Rent Tenancies include the service charges within the 80% rent. You will not see a breakdown of the services provided or the charges. Your rent is inclusive of all the service charges.