Real Lettings Property Fund Doubles Its Impact to Help Homeless People
The Real Lettings Property Fund (RLPF), a social impact investment fund, has more than doubled the number of homes it can offer to people facing homelessness over the last year, according to its new social impact report.
The Fund, managed by social investment company Resonance in partnership with homelessness charity St Mungo’s, had 118 homes with 60 being improved at the end of March 2015. By the end of March 2016, the Fund owned 257 homes, 244 of which are now home to 607 people. All the data is reported in the newly released social impact report:
Of the people living in these RLPF homes across London:
- 99% of tenants sustained their tenancies for more than six months
- 96% were keeping up with bill payments
- 83% of tenants said the property had had a positive impact on their support networks and relationships
- 44% of tenants were working, with 29% unemployed but making progress towards work
Two thirds of households are single parents with children and there are 300 children and young people living in RLPF homes. The majority of tenants move into their property from temporary or emergency accommodation.
Simon Chisholm, Investment Director at Resonance, said: “We have been managing the Real Lettings Property Fund in London since it was launched three years ago in partnership with St Mungo’s. In that time, it has successfully delivered a portfolio of around 260 properties and deployed nearly £60m of investors’ money into that social impact investment. It is delivering financial yield to investors and as this report shows, it is also delivering the outcomes we wanted to see for the tenants of those properties.
“As a result of the success of the Real Lettings Property Fund in London, we launched the National Homelessness Property Fund, which is currently operating in Bristol, Oxford and Milton Keynes – buying homes for St Mungo’s to let to individuals and families that need them. We are confident that the blueprint from the RLPF can be replicated on a national basis.”
Howard Sinclair, Chief Executive of St Mungo’s said: “In its third year, the Real Lettings Property Fund is really showing its strengths as a way we can help prevent homelessness before it starts. Being able to support families in these homes is benefiting them directly but also benefiting their relationships and the local communities they live in and contribute to. We’re very proud to see the great impact the Fund continues to have on people’s lives and look forward to being able to extend and grow the Fund more next year.”
Peter (27) was in a hostel for six months and had no realistic options for anywhere to live. “I was at the end of the road and could have ended up on the streets.” However, through the hostel manager he was connected with St Mungo’s and, within a week, he moved into a Real Lettings property, where he has been for seven months. This is the first property Peter has lived in by himself. “I just feel blessed to get it. When I first got the key, I was nervous but also excited.”
Peter does not have many family members and friends to support him and, as such is particularly vulnerable to sleeping rough. Peter has been in prison and as a child was in and out of the care system. Moving into a Real Lettings tenancy has had its challenges and rewards. Peter had to learn how to maintain a home, pay bills, cook, clean and look after himself. “This experience gave me a grip on reality and I have matured to a certain extent.”
Peter is working as a labourer and plans on doing a 360 degree course in order to earn more income.
Peter’s story can be seen in the video: National Homelessness Property Fund: Social Impact and Investment working together to tackle homelessness.