As the growing cost of rent continues to be ignored by those in power, we need a policy that tackles affordability head-on. Generation Rent is calling for a new kind of rent control which would be implementable anywhere in the country where rents are pricing people out of housing where they live and work. Its main features would be:
- Affordability - the maximum rent would be calculated along council tax bands, with a monthly maximum rent amounting to half of the annual council tax band for a home;
- Transparency - the cap would be based on understood property values and would be set by local authorities, accountable to residents who may want to argue for different limits;
- Flexibility - the calculation above would not be an absolute cap. Landlords would be free to charge rents over and above the limit set, but all rent charged above that level would be subject to a 50% surcharge;
- Fairness - all the proceeds from the surcharge would go into a ring-fenced fund for social house building, therefore ensuring the profits from private renting help alleviate the housing crisis.
You can read about the full details of the rent control system in our report here.
To show your support for a new system of rent control to create affordability in the private rented sector, please sign the petition on this page today.