INDIVIDUAL PROPERTY MARKET RENTS

Homeswest assesses rental payments by two separate processes. A Rent to Income assessment is based on the tenant’s income and not the market features of the property occupied (See RENT TO INCOME POLICY).

An Individual Property Market Rent is charged where a tenant is not eligible for a rent to income subsidy and the rent is based on the market features of a property. (They are replacing the Regional Based Market Rent, which was based on factors in the region concerned, property type and number of bedrooms).

Under an Individual Property Market Rent, the market features of a property are assessed by data supplied by the Valuer General’s Office (VGO) and reviewed annually.

The VGO bases the market value of a property, on four property attributes and the location. These are:

1. Dwelling type: Whether the property is a single detached house, a medium density/grouped housing complex or a flat/apartment

2. The number of bedrooms contained in the property

3. Construction Material – Whether the property is brick/masonry or frame construction.

4. The age of the dwelling

5. The locational index. This is based on factors such as the suburb in which the property is located. It is further categorised by region in which the property is located – metropolitan/country, northwest (including Kalgoorlie/Boulder).

If you wish to know the market rent placed on an individual property, contact the regional or branch office responsible for the management of the accommodation.

If you wish to know the market rent placed on an individual property, contact the Homeswest regional or branch office responsible for the management of the accommodation.

IMPLEMENTATION

All new tenants, who are not eligible for a rent to income subsidy, will be required to pay an individual market rent on occupation.