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Cork's first 'cost rental' homes to be available at up to 45% less than market value

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Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

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Applications for tenancy in the apartments located at Lancaster Gate will be welcome from Tuesday, July 19.

corkman

Applications will begin to be sought this week from prospective tenants in the first ‘cost rental’ accommodation to be made available in County Cork as 73 apartments come on the market for a monthly rent which is up 45% less than the current market rate.

The mix of one and two bedroom apartments which are located at Lancaster Gate in Cork City will be rented out to successful applicants at a monthly cost of €990 for the one bedroom version while the two bedroom flats will be rented at a cost of €1100 per calendar month. 

Prospective residents of the accommodation can lodge their applications from Tuesday, July 19, at the website of the approved housing body (AHB), Clúid (meaning shelter in Irish).  The closing date for applications is Tuesday, July 26. 

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. €70m was allocated in Budget 2022 for the delivery of 700 Cost Rental homes by Approved Housing Bodies (AHBs), through the Cost Rental Equity Loan (CREL) mechanism. A target to deliver an average of 2,000 cost rental homes per year was included in ‘Housing for All’, the Government’s housing plan for Ireland over the next 8 years.

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The announcement on Monday follows launches of similar schemes by Clúid in Dublin and Kildare. 

The Lancaster Gate homes are conveniently located in Cork City, they have the benefit of all the amenities offered by the city. The city centre, with its array of shops, bars and restaurants, is only a few minutes walk away. The development is also close to a number of schools, University College Cork, and the Mercy University Hospital.

The A-rated, energy efficient properties are semi-furnished, allowing tenants to furnish their homes to their own taste. Each home includes white goods, including a fridge freezer, a dishwasher, an oven and hob, a microwave, and a washer dryer as standard. Roller blinds are supplied including blackout blinds in bedrooms, in addition to laminate flooring throughout, and tiled bathrooms.

There are a number of eligibility criteria which must be met by applicants.  

• Net household income is below €53,000 per annum

• Not in receipt of any social housing supports (including Rent Supplement or HAP)

• Do not own 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.

Clúid Housing Director Fiona Cormican said she was delighted that these ‘stunning apartments’ would be available and confirmed they would provide ‘quality, long-term, secure rental options for middle income households and those struggling to rent on the open market’.

"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, “ she said.

“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 Hou sing 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.

“We are proud to have been the first AHB to deliver cost rental homes in Ireland and we are ready to assist the Government in achieving their target of 2,000 cost rental homes per year and 18,000 by 2030 as set out in Housing for All.”

Established in1994, Clúid Housing is an independent, not-for-profit charity and is  one of the largest approved housing bodies (AHBs) in Ireland with over 9,000 social and cost rental properties in management.

In a statement, the agency said it was leading the ‘ way in delivering affordable housing solutions to those on local authority housing lists and to middle income households.

"Our team of over 280 professional employees are committed to providing quality housing and services that enable people to create homes and thriving communities.”


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