Norwich Landlords Guaranteed Rent by City Council
Norwich landlords have helped to increase the cities stock of affordable housing by making their private rental stock available to the council in return for a guaranteed rental return.
The council hit upon the idea, in order to ease demand on its housing waiting lists, to increase the number of social housing by 1000 properties by the end of April 2009 by getting private landlords to add their properties to the councils stock.
The private sector leasing scheme was set up so that private landlords could lease their properties to the council for four years and in return they get a guaranteed income regardless of whether the property is occupied or not for the that term and to return it in the state it was leased.
226 private housing was added to the council’s affordable housing program and has benefited the community by reducing waiting lists, providing a source of income for landlords and ensuring that viable properties are not left vacant.
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