The rents that apply to mid-market rental properties are generally lower than private lets and higher than social housing. As such, there can be specific criteria required when applying for mid-market rent homes.
Residents normally get a Private Residential Tenancy, which is the same type of lease as most tenants get when they rent privately in Scotland but, as well as lower rents, some Mid-Market rental properties also allow the tenant the opportunity to purchase the property in year(s) 5 - 10. A deposit match savings scheme may also be available from the landlord to help tenants purchase the property.
Who Is Eligible for Mid-Market Rent?
Criteria for these properties is project dependant but is generally geared towards people who are economically active and looking for long term accommodation. Mid-Market rent is aimed at people who cannot afford home ownership but would not usually be eligible for social housing, there could be a minimum and maximum income criteria in place to reflect this aim.
Because of the wide range of people that Mid-Market rent is designed to cater for, there is a lot of variety in the developments that are available, with properties ranging from 1 bedroom to 4 bedroom properties.