Cork city gets first cost rental homes
Tenancy applications for Cork’s first cost rental homes are now open with rents set at almost 45% below local market rates.
The 73 new cost rental homes are a mix of 1 and 2 bedroom apartments located in Lancaster Gate off Western Road.
The scheme was launched by housing charity Clúid under the Affordable Housing Act 2021 and follows similar schemes in Dublin and Kildare.
Cost rental is a new form of tenure in Ireland whereby residents pay rents that are solely based on the cost to build, manage, and maintain the homes.
Under the scheme, rents are targeted at a minimum of 25% below open market value, with prices for Lancaster Gate homes starting at €990 per month, approximately 45% below local market rates.
Residents will also be provided with long-term security of tenure.
Applications officially opened on clúid.ie on Tuesday, with the first homes available to move into in October.
The A-rated, energy efficient properties are semi-furnished, each including a fridge freezer, a dishwasher, an oven and hob, a microwave, and a washer dryer as standard. Roller blinds are also supplied including blackout blinds in bedrooms, in addition to laminate flooring throughout, and tiled bathrooms.
Eligibility
To apply for the cost rental homes, applicants are obliged to provide evidence of the following eligibility criteria:
- Net household income is below €53,000 per annum.
- Not in receipt of any social housing supports (including Rent Supplement or HAP).
- Not currently owning a property.
- Household size matches the size of the property advertised (all members of the household must be living in Ireland at time of applying).
- Applicants can afford to pay the cost rent for the home.
- Household has only entered one application for a specific cost rental property.
Fiona Cormican, Clúid Housing’s Director of New Business, said: “With rents of around 45% below market rates, these new homes here in Lancaster Gate offer excellent quality, long-term, secure rental options for middle income households and those struggling to rent on the open market.”
Applications to live in the new homes officially opened on Tuesday this week.
For more information, visit cluid.ie/cost-rental.