Rentplus is the leading provider of affordable rent to buy housing. We give lower and middle income aspirant home owners, with limited access to social housing, a real opportunity to get on the housing ladder, and come off councils’ waiting lists.
In some areas, 50% of residents moved from social housing into a Rentplus home, freeing stock up for reallocation.
In September 2019, Rentplus won the National Housing Award for the Most Innovative Home Ownership Solution. We buy brand new homes from developers. We work closely with councils and housing association partners. Our RP partners place aspirant working home owners in the homes on 5 to 20 year leases without them needing a deposit. Our model helps those who have debt or financial issues, allowing them to pay affordable rent (80% of full market rental value), and space and time to clear debts and save, building a strong credit rating. At the time of purchase, Rentplus uniquely gifts tenants 10% of the open market purchase price, to add to their savings.
The greatest percentage of Rentplus applicants are public sector key and essential workers on lower incomes: some have debt which prevents access to traditional mortgages. Nearly all are renting privately, and report an inability to save, leaving them ineligible for other routes to home ownership, including shared ownership or Help to Buy, which require significant deposits.
In its’ 2017 State of the Nation Report, the Social Mobility Commission said Rentplus’ affordable rent-to-buy had the power to change the life-opportunities of people priced out of the housing market, unable to save large deposits.
With the government committed to expanding rent to buy, Rentplus sits within the NPPF in two categories: (a) affordable housing for rent, and (d) Other affordable routes to home ownership. Rentplus has £2bn of funds to immediately invest in rent to buy properties and we are seeking new local authority and housing association partners. We have a current pipeline of 20,000 new homes, and have already supported families to start saving towards home ownership across 10 counties in England.
2021 will see the first Rentplus tenants, who moved in to their new Rentplus home in 2017, become homeowners, owning 100% of their home.
Find out how you can deliver affordable rent-to-buy locally: rentplus-uk.com
Kit Malthouse MP, ex-Minister of State for HousIng, July 2019
“The Government will be considering how it can continue to grow the supply of affordable housing across a range of tenures, including Rent to Buy.”
Julie Barnett, CEO Tamar Housing, May 2020
“It is very rewarding for Tamar, as a not-for-profit housing association, to be a Rentplus partner and support local families to move into good quality affordable rented, new homes knowing they will have an opportunity in the future to buy their property with the help of a gifted deposit.”
Sir Gary Streeter, Member of Parliament for South West Devon including Plympton, Ivybridge and Plymstock
“The sooner the Rentplus model is rolled out throughout the UK, the better for the coming generation”.
Andrea Jenkins MP
“One model that inspired me was a Rent to Buy scheme, where tenants save to buy the home they are renting. Unlike other schemes, it doesn’t require an upfront deposit but …. takes into account renters’ earnings and potential to save.” July 2019