Many of us have heard the term ‘Affordable Rents’ recently, but what does that really mean, and what’s the alternative?
The government calls rent ‘affordable’ if it is 80% of market rent.
We believe that rent must be based on income, not on market value, to be truly affordable.
Heart of Hastings CLT, along with our partner, the social enterprise developer White Rock Neighbourhood Ventures (WRNV) work together in White Rock.
We call our affordability model Living Rents and in our living rent properties, we never charge tenants a rent higher than 1/3 of average local incomes.
Recently in Hastings, rents have gone up while wages have stagnated, so it’s hard to find an affordable place to live. Living rents are capped, and will never increase more than inflation. As the years go by, our rents become more affordable!
Living Rents: ethos and lettings policy
Recently, Heart of Hastings CLT collaborated with organisations such as the Common Treasury, Hastings Hive, and Changing Hastings to produce public events around gentrification, rents, eviction and more. The Changing Hastings event drew a crowd of passionate local people: