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.
Rentplus turns renters into homeowners.
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.
In 2021, the first tenants, who moved into their Rentplus home in 2016 with no deposit, started to buy 100% of their homes with high street mortgages, thus proving the Rentplus model. They start their journey as homeowners with at least a 10% equity in their home from their first day as homeowners thanks to the unique Rentplus gifted sum. Most had c20% equity or more because they’d been able to save.
The benefits to local authorities are clear: in some areas, 50% of residents moved from social housing into a Rentplus home, freeing stock up for reallocation. Most come from CBL schemes, reducing local waiting lists. And most Rentplus tenants are key and essential workers – mostly on lower incomes and wanting to stay living and working locally. A great number were renting privately, unable to save, which left them ineligible for other routes to home ownership, including shared ownership or Help to Buy or First Homes, which require significant deposits.
Registered Providers get a new tenure offer for local residents, as well as an expanded portfolio which gives them a new 20 year rental income stream, allowing them to invest the income back into social housing provision.
In their 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 as (a) affordable housing for rent, and (d) Other affordable routes to home ownership.
We have a current pipeline of over 60,000 new homes, supporting families to start saving towards home ownership across England.
Rentplus has significant funds to immediately invest in rent to buy properties and we are seeking new local authority and housing association partners. Find out the benefits of partnering with Rentplus and delivering affordable rent-to-buy locally by contacting your local contact today.
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