Affordable Rent tenancies
'Affordable Rent Tenancies' are a type of rent. Social landlords, like Curo, are able to charge up to 80% of market rent for new homes built under the Government's Affordable Homes Programme and for those that become available for re-letting when people move out.
How are Affordable Rents calculated?
Like most social landlords, Curo uses standard methods of calculation to set the initial rents of properties eligible for Affordable Rent. Rents are set at 80% of market rent for an equivalent property in the same location. Rents are capped at the Local Housing Allowance limit. This means anyone claiming Housing Benefit will still be eligible. For each new tenancy we check the rent for the property against the local market to ensure the rent remains no more than 80% of the market rent. All Affordable Rents include any service charges.
How long are Affordable Rent tenancies?
With some exceptions, all Affordable Rent Tenancies are Assured Shorthold fixed-term tenancies. The term of the tenancy is for six years, including a 12-month Starter Tenancy period. Exceptions include sheltered housing tenants who are given a lifetime assured periodic tenancy.
What happens at the end of the tenancy?
Curo is committed to renewing fixed-term tenancies wherever possible. Sometimes there may be specific circumstances which would require us to end the tenancy. We will give at least six months' notice where it is our intention not to renew the fixed-term tenancy. We will provide advice and support to any resident whose tenancy is not being renewed.
Which homes do Affordable Rents apply to?
Any new home built by Curo under the Affordable Homes Programme will have rents set at 80% of market rent. A proportion of existing Curo homes that become vacant each year are also let in this way. It is important to know that the changes to rent levels and tenancy lengths apply only to new Curo tenants. However existing tenants may be affected if they choose to transfer or mutually exchange into an Affordable Rent property.