Taoiseach to attend opening of Cork City's first cost-rental homes today

All homes have been allocated, with the first cost-rental residents moving in from today. Applications far exceeded availability, with over 1,200 applying for the 73 cost-rental properties.

Under the Government’s Cost Rental Scheme, cost rents must be a minimum of 25% below open market values.

Monthly rent for Clúid’s Lancaster Gate homes are circa 45% below local market rates, with one-bed apartments renting for €990 per month and two-bed apartments renting for €1,100 per calendar month.

The homes have a Building Energy Rating (BER) of A2.

Each cost-rental unit comes with white goods, such as an oven and hob, a fridge freezer, a dishwasher, a microwave, and a washer-dryer.

Hugely oversubscribed

Residents had to prove eligibility when applying for the homes in Lancaster Gate. The criteria included a net household income below €53,000 per annum, no existing home ownership, ability to pay the cost-rent, and not being in receipt of any social housing supports.

All eligible applications for the hugely oversubscribed scheme were included on the system and then selected at random. The random selection system was automated and auditable in a bid to make the process fair.

Taoiseach Micheál Martin said today’s launch is “a really important step in providing high-quality, and accessible, homes for people in the heart of Cork City.” 

Cork City Council chief executive Ann Doherty said the high-quality, mixed-tenure housing development “represents an exciting evolution in the realisation of much-needed affordable and social homes in Cork City".

The huge interest shown by the public for the 73 cost-rental units proves that the demand exists for this new form of housing where security of tenure is confirmed at well below market rents.”

James O’Halloran, senior supply manager of Clúid Housing, noted the huge challenges of the current housing market.

“We’ve seen a reduction in available places to rent or buy, and rents are continuing to rise across the country,” said Mr O’Halloran. 

"It’s increasingly difficult for people to find a home, and the cost-of-living crisis is putting further pressure on families.

"Clúid’s vision is a society where ‘everyone has a great place to live’. 

Cost-rental is positioned to assist those who don’t qualify for social housing, but who can’t afford the market."

In addition to the 73 cost-rental homes, 15 social housing units have also been delivered in this scheme. Residents of the social homes were allocated from Cork City Council’s housing list and a differential rent will be charged when they move in next week.

The cost-rental scheme is administered by the Housing Agency, on behalf of the Department of Housing, Local Government and Heritage. Lancaster Gate was delivered in partnership with the Housing Finance Agency, O’Callaghan Properties, and CField Construction.