Applications open today for dozens of cost rental homes in the city centre, with eligible tenants set to pay €990 per month for one-bedroom apartments.
Clúid Housing is opening applications for 73 new cost rental homes, the first in Cork, located at Lancaster Gate, by the banks of the Lee.
The homes are a mixture of one-bedroom and two-bedroom apartments, with one-bedroom apartments renting for €990 per calendar month and two-bedroom apartments costing €1,100.
Under the Government’s Cost Rental Scheme, rents are targeted at a minimum of 25% below open market value, and Clúid, a not-for-profit charity, said prices for the Lancaster Gate homes are considerably below local market rates.
“These new apartments will provide residents with high-quality, affordable homes in the heart of the city,” Fiona Cormican, Clúid Housing’s Director of New Business, said. “With rents of around 45% below market rates, these new homes here offer excellent-quality, long-term, secure rental options for middle-income households and those struggling to rent on the open market.
“We have worked with a range of partners to deliver this new development in Lancaster Gate, including the Department of Housing, Local Government and Heritage, the Housing Agency, the Housing Finance Agency, Cork City Council and O’Callaghan Properties.
“We hope these cost rental homes will be the first of many in Cork City and provide greater choice in the housing sector.”
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.
Applications officially open on www.clúid.ie today, with the first homes available to move into in October 2022.
Applicants are obliged to provide evidence of a number of eligibility criteria, including that the net household income is below €53,000 per annum, and that applicants are not in receipt of any social housing supports, including rent supplement or HAP.
Eligible applicants must not own a property, and their household size must match the size of the property advertised. Applicants must be able to afford to pay the rent for the home, and a household can only enter one application for a specific cost rental property. Should more applications be received than properties available, completed applications will be selected at random.
€70m was allocated in Budget 2022 for the delivery of 700 cost rental homes by approved housing bodies, through the Cost Rental Equity Loan mechanism.