One of the most common questions we receive here at Space Property when people see our property listings is regarding the Affordable Rent Scheme. What is it? Am I eligible? Is this property only available under the affordable rent scheme? This blog will answer all of those queries.
What is the Affordable Rent scheme?
Properties that fall under the affordable rent scheme are offered at 80% of the open market value. The open market value is determined at the expected average rental value for a property type in the area that property is located. The Affordable Rent scheme is accessible for those who are unable to rent on the open market.
Am I eligible for the Affordable Rent scheme?
In order to be eligible to apply for a property listed under the affordable rent scheme, the applicant must meet a number of criteria. The applicant must:
- Have a household income of no more than the average for your area. Each property will have provide specific details.
- Be able to pass a credit check
- Be in permanent employment
- Not in receipt of Housing Benefit/Local Housing Allowance
- Have the funds available for one months rent in advance, administration free and property bond
I meet the criteria for the Affordable Rent scheme. What happens next?
In each of our property listings that are advertised online, the description will specify whether the property is under the Affordable Rent scheme or the Market Rent scheme. If the applicant wants to apply for a property that falls under the Affordable Rent scheme that is listed on our website, there is a step-by-step application process that is listed in the property description of the advert. The application process is open for 7 days within the property advert going live on our website. The lettings team will then review all applications, notifying the successful applicant that they have been accepted for the property. If no applications are successful, the application process will be opened until a successful applicant is found for the property that falls within the Affordable Rent scheme criteria.
Our household income just exceeds the maximum stated in the advert. Are there any exceptions?
In each property listing that falls under the affordable rent scheme there will be a minimum and maximum annual household earnings amount that applicants must fall within in order to be eligible to apply for a property listed under the affordable rent scheme. There are no exceptions to this and applications that fall outside the minimum or maximum annual household earnings amount will not be considered eligible. The minimum household earnings amount is calculated on the monthly rent (stated in the advert) multiplied by 30. The maximum amount is based upon the average salary for people who live in the local authority area where each property is located. The local authority area that each property falls under will be listed in the property description.
The property description states that this property falls under the Affordable Rent scheme. Will this change?
Property charges and which schemes they fall under are reviewed periodically but when a property is listed on our website the scheme will not change. If the property advert states that the property falls under the Affordable Rent scheme, then it wont be available under the Market Rent scheme and this will not change while the advert is listed on the website.
Are pets, children and housing benefits taken into account during the application process?
Each property advert will state whether or not pets, children or housing benefits will be considered in the application for a property available under the Affordable Rent scheme. If any of the above are not stated in the full description of the advert, then they will not be considered eligible in the application for that specific property.
We currently have a number of properties listed under the affordable rent scheme. they can be found by clicking here.