The 16-dwelling apartment block Iain moved into last year is a rental cooperative. The newly constructed building in Brunswick, about 5 kilometres from Melbourne's CBD, is owned by non-profit housing provider Common Equity Housing Limited (CEHL).
Residents' rent is capped at about 30 per cent of their income, and they have three-year leases. If they maintain their tenancy agreement, their leases should continue indefinitely — even if their financial situation improves.
It's the kind of security usually only afforded to home owners.
"Improving economic circumstances is often a direct result of stable housing," CEHL CEO Liz Thomas says. "Around 25 per cent of all CEHL renters pay market rent for their properties, which would indicate they are no longer meeting the baseline eligibility criteria.
"This revenue underwrites the cost of providing housing to people paying reduced rent."
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