In 2011, the Government introduced a new type of tenure called affordable rent.
This tenure allows us to charge a rent of up to 80% of local market rent on new homes built as part of the Affordable Homes programme, and on some homes converted to affordable rent when they are empty.
Local market rent varies from place to place and reflects the local cost of renting a property privately.
We plan to relet a number of our existing properties, mainly one bed properties, on affordable rent tenancies when they become empty. This will generate income that will help us continue to build new homes. Over the next three years we plan to build around 550 new homes specifically for affordable rent.