Intermediate market rent (IMR)
The shortage of affordable accommodation in London is one of the biggest problems for those seeking work in the capital.
Through Peabody's intermediate market rent scheme, you can rent a home at less than the market rate. The rent charged is normally 20% lower than what you would expect to pay for a similar home in a similar area if you were renting from a private landlord and you have the assurance that your home is built, managed and let by a Registered Social Landlord.
This option has traditionally only been available to key workers. This choice is now available to other home seekers who do not qualify for social rent homes.
Eligibility terms are:
- Households with a total income of less than £60,000 a year who cannot afford to buy a suitable home on the open market without assistance
- Applicants must be able to afford 80% of the local market rent without further assistance, e.g. Housing benefit
- Applicants should make a commitment to enter home ownership through low cost home ownership products in the short to medium term (within five years) and be able to demonstrate how the discounted rent will enable them to save a deposit. You will be required to complete a financial assessment with your prospective landlord (housing association)
For more information view the intermediate market rent guide (Word, 108 KB)
View the IMR rental listing
Peabody is proud to be accredited by The National Approved Letting Scheme, www.nalscheme.co.uk – a Government backed accreditation scheme which offers peace of mind to tenants through the knowledge that the firm they are dealing with offers clearly defined levels of customer service and standards.
For further information about intermediate market rent options or to register for homes (specific to IMR) contact First Steps, visit: www.firststepslondon.org.uk or tel:0845 230 8099.
