Intermediate Market Rent (IMR) is an Affordable Rent Scheme designed to assist working households who are unable to afford the cost of renting a home on the open market or cannot access social rented housing.
Intermediate Market Rent is usually set at around 80% of the market rent value of similar property in the local area.
The service charge is included in the rent.
After entering a six month assured shorthold tenancy it is then renewed on a monthly basis, although some initial rental periods can be longer. All rentals will be subject to a credit check and referencing.
Deposits are held within the deposit protection scheme and provided the home is returned to the landlord in the same condition as when it was let to you, the deposit is returned.
Each rental development will have eligibility criteria. This can be based on the type of accommodation and the area in which a potential tenant currently lives or works.
Tenancy can be terminated with one month’s notice. Should the landlord wish to terminate, they are required to give two months’ notice.
Am I Eligible for Intermediate Market Rent (IMR)?
All potential Intermediate Market Rent tenants must meet the following requirements to be eligible for this affordable rent scheme:
Household income needs to be below £71,000 for one and two bedroom properties and £85,000 for three bedroom properties. Every property will have a minimum income level which is determined by its’ rental value.
Employed on a permanent contract or be able to demonstrate a temporary contract with at least six months’ remaining with the original contract being issued for at least twelve months. There must also be a reasonable prospect of the contract being extended.
British, EU or EEA Citizenship or have indefinite leave
Access to one months’ rent in advance and one months’ rent as a deposit
Unable to rent a home suitable for current housing needs within a reasonable distance of their workplace without assistance.
Must not have had any rent arrears from a previous property within the last twelve months or have breached the terms of your tenancy agreement.
Housing Benefit/Guarantors are not accepted for IMR.
How can I Find out more about Intermediate Market Rent (IMR) and Affordable Rent?
Currell rents out affordable properties on behalf of various IMR providers and can advise when suitable properties become available. Please register with the Affordable Homes Team on 020 7226 6611 or email firstname.lastname@example.org to find out more.