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This support not only includes its award winning affordable rent to buy option (where it buys brand new homes to lease to housing associations), but also buying market housing units to provide a private rented option for family homes for councils and RPs to offer those on the waiting list.
The company is also working with house builders, buying unsold units on sites, providing developers with a rapid exit strategy and cash to encourage the building of more social housing.
Given the unprecedented events surrounding Coronavirus, councils and housing associations have struggled to continue to invest in social housing. Investment from Rentplus provides its partners with increased rental income and growth, without the need to borrow.
Chief Executive, Steve Collins, explains: “We’ve established ourselves as a trusted partner with local authorities and RPs across the country. Rentplus is fully NPPF-compliant and enjoys cross-party support, making it easier for local authorities to adopt our offer.
“It’s our ambition to make affordable rent to buy available for our Key and Essential workers and all low/middle income earners – the people Homes for Heroes is aimed at. This group is priced out of all home ownership products, including shared ownership and Help to Buy, because of the deposit demands.
Our tenure blind affordable rent to buy homes are hugely popular with Key Workers who make up the majority of Rentplus residents. They contribute so much to the local economy and to our wellbeing; they want to own their own home close to work, but cannot save the deposits. We’re making homeowership a reality for this group.
“We are privately funded, but driven by social outcomes: we work with carefully chosen partners to build homes in areas to improve local area diversity.
“We’re also working to help councils review their local plans and ensure they are NPPF compliant ahead of the Planning for the Future’ document requires all councils to have an up to date local plan in place by December 2023.
Rentplus can help free up social housing, by moving qualifying aspirant home owners from social housing or waiting lists into affordable rent to buy homes. In some areas up to 50% of Rentplus’ tenants have moved from social housing to a Rentplus home, freeing units up for reallocating to families in greater need.
Rentplus has significant institutional funds to invest now. It won the NHA Most Innovative Home Ownership Solution 2019, is a finalist for the second time in this year’s UK Housing Awards, and in this year’s RESI, and Planning awards.