Rent guarantee scheme for private sector launched by council

26 November 2020 | Renting

Rent guarantee scheme for private sector launched by council

A council says it’s let 21 properties thanks to a rent guarantee system launched to woo private landlords to supply homes for vulnerable tenants.

Let’s Rent Coventry encourages private landlords to provide a tenancy at what the authority calls an affordable price and matches potential tenants with landlords who have properties to let.

The scheme launched in May and “numerous landlords” have signed up to the scheme according to a council statement; they can have 12 or 24 months involvement with the scheme.

Under the initiative the tenant can remain in the property without the threat of being moved out. 

The council provides a free service, lettings, inspections and the security of a 12 or 24-month tenancy, alongside guaranteed rent payments from the council.

Let’s Rent Coventry guarantees up to the Local Housing Allowance rate for the period of the tenancy and, at the end of each year of the tenancy, the council makes a bonus one-off payment equivalent to a month’s rent.

Furnished or unfurnished properties can be used, and they are checked for safety and relevant licensing. A signed rent guarantee agreement is made between the council and landlord.

Coventry council now says it’s looking for two to five bedroom properties throughout the city and have a number of suitable families ready to move into a new home.

This post has originally been featured in Letting Agent Today.