Rent explained
Paying your rent is the most important aspect of your tenancy with irwell valley homes. Your rent is used to pay for the following services:
How much rent should I pay?
You will be informed of how much rent you need to pay when you sign up for a property. If there are any changes to your rent and/or service charge, you will be informed in advance in writing.
When should I pay my rent?
Your rent is due weekly in advance, on a Monday. You can choose to pay weekly, fortnightly, four weekly or monthly, but you must pay in advance.
We set our rents in-line with the Government’s guidance. In 2016 the Government made changes to the way housing providers set certain rents, these changes require us to reduce some rents by 1% a year for 4 years.
There are however a number of exceptions which allow rent to be increased for one year or longer. We will use the formula relevant to your tenancy when setting your rent, in-line with these guidelines.
(Lettings made before to 15th January 1989)
If you your tenancy started before the 15th January 1989 then you are likely to have a secure rent tenancy. This means that you have strong rights and you will pay a fair rent that’s lower than the market rent. We will review your rent every two years taking into consideration any improvements made, inflation and any known increases in costs.
If you qualify for formula rent then we will decrease your rent by 1% every year on your review date.
(Lettings made after 15th January 1989)
If you have an assured tenancy you will qualify for formula rent meaning that we will reduce your rent by a rate of 1% per year. However, certain homes don’t fall under the rent formula. For example, market rent properties will be adjusted by a fixed percentage in-line with the Government’s guidelines.
If you live in supported housing you will qualify for the 1% cut per year.
Affordable Rents are set at up to 80% of the average private rent for an equivalent property of that size and location. If you have an affordable rent property your rent will decrease by 1% every year.
We annually review rent levels for shared ownership tenancies in-line with individual lease agreements. If you have bought your home through our shared ownership scheme, your rent will not qualify for the social rent formula.
For intermediate market rent properties the rent is set at a level that is no more than 80% of the average private rent for an equivalent property of that size and location.
For market rent properties the rent is set at a level that is no more than 100% of the average private rent for an equivalent property of that size and location.
We carry out annual rent reviews and any increases will be limited to CPI plus 1%. The rent levels for newly let properties will be based on a new valuation of the property.
If you hold a secure tenancy you may appeal to the rent assessment committee at the rent service (www.voa.gov.uk) or the general enquiries helpline 03000 501501.
If you hold an assured tenancy you can contact us by emailing us at contact@irwellvalley.co.uk or calling us on 0300 561 1111.
If you live in a property that shares facilities (such as a block of flats or independent and community living), you will probably be paying a service charge.
We will only ask you to pay a service charge when it is fair to do so.
Examples that may require a service charge:
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