Approximately 100 landlords in Milton Keynes have embraced a council-backed rent guarantee initiative. Under this scheme, landlords can provide extended tenancies to local families who were previously in private rentals and subsequently became homeless. In exchange for longer rental commitments, landlords have the potential to receive cash incentives of up to £6,680.
This initiative is accessible to all landlords willing to offer tenancies spanning six months to two years. Notably, the council assures landlords of rental payments throughout the entire tenancy period, even if the tenant encounters financial challenges. It represents an effort to support stable housing solutions and reduce homelessness in the community.
According to the Labour-controlled council, the rent guarantee program provides landlords with extra peace of mind, eliminating concerns about potential tenant arrears and financial losses.
Under this initiative, landlords can benefit from council assistance in tenant sourcing, direct receipt of benefit payments, and complimentary HHSRS inspections. The council also assures that landlords will receive support to bring their property up to the necessary standards if it fails the inspection.
Importantly, the cash incentive is provided on top of any upfront rent or deposit requirements. This comprehensive approach aims to encourage landlord participation and promote secure housing arrangements.
A council representative stated, “We aim to collaborate with responsible landlords to secure favorable arrangements for our tenants while ensuring they make the most of these properties. It’s a mutually beneficial opportunity, and we encourage landlords to reach out if they can contribute.”
Landlords have the opportunity to earn a cash incentive of up to £6,680 by providing extended tenancies to local families previously renting privately, who became homeless due to the sale of their former rented accommodations.
The scheme welcomes all landlords capable of offering tenancies ranging from six months to two years. Milton Keynes City Council guarantees rent payments throughout the entire tenancy, even if tenants face difficulties in paying.
Cllr Emily Darlington, Cabinet Member for Adults, Housing, and Healthy Communities, spoke with Karl, a landlord benefiting from this initiative.