Cost Rental housing shows affordable housing becoming a reality, says Minister
100 NEW cost-rental homes were launched today by Housing Minister Darragh O’Brien, who committed today to delivering a lot more rental units in the coming months.
Homes on offer through the State-backed cost rental scheme are proving so “popular” they are oversubscribed, the Housing Minister has said.
The Fianna Fail TD said more than 900 cost rental properties have been approved for this year and early into next year through a scheme that did not exist last year.
Darragh O’Brien said he is “confident” the Government will achieve its target of delivering 24,600 new homes by the end of 2022.
The 118 homes consist of 44 one and two-bed apartments at Parklands, Citywest and 74 one and two-bed apartments at Kilcarbery Grange, Clondalkin.
The rents for these cost-rental homes are set at €1,264 for two-bed apartments and €1,297 for the two-bed duplexes.
The Parklands development in Citywest is a mixed tenure development, which will comprise 1,010 homes on completion.
A significant number of homes have already been completed and have been sold to individual purchasers and first-time buyers.
The Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, has said that the completion of the first purpose-built Cost Rental homes in Ireland is evidence of affordable housing becoming a reality for citizens. He was speaking as he official opened the ‘Woodside’ development at Enniskerry Road, Stepaside, County Dublin, where 50 Cost Rental homes have been completed.
Cost Rental is a new form of secure, long-term rental tenure where homes are made available to middle-income earners at below open-market rates. The homes at ‘Woodside’ have rents of approximately 40% below open-market rates. Under Housing for All, the Government’s plan for housing, 18,000 Cost Rental homes will be provided between now and 2030.
The scheme in Balbriggan, which attracted over 1,000 applications for 25 homes or 40 per house.
Clúid offering homes at rents between €935 and €1,150 a month in Balbriggan
Cost Rental housing now exists at Barnhall Meadows, Leixlip; Taylor Hill, Balbriggan; and Enniskerry Road, Stepaside. Cost Rental developments are due to be completed and tenanted in the near future in Kilcarbery Grange, Clondalkin; Newcastle, Co. Dublin; Newbridge, Co. Kildare; and Parklands, Citywest, Co. Dublin.
Speaking after meeting tenants at the Woodside development today, Minister O’Brien said:
“The delivery of affordable housing is happening and it’s making a positive difference. Ensuring there is affordable housing to rent is a Government priority. Cost Rental housing addresses the affordability challenges faced by those on moderate incomes who wish to rent a home. This model of housing provides renters with a long-term security of tenure with a rent level significantly below open-market rates. I am delighted that in the case of the Woodside development at Enniskerry Road, the tenants will pay rents set at 40% below market rents.
Minister O’Brien added:
“The tenanting of the Woodside development at Enniskerry Road is the outcome of collaboration between Dún Laoghaire-Rathdown County Council, Respond, Tuath, the Housing Agency, the Housing Finance Agency and my own Department. I want to commend all involved in making these homes a reality for those who live in them now.
“A healthy pipeline of Cost Rental housing is building up and more developments are due to come on stream shortly. These developments will provide people with secure, affordable rental accommodation, and, as we deliver at scale, will help make Ireland’s housing market more affordable overall.”
The Department of Housing, Local Government and Heritage has approved funding through the Cost Rental Equity Loan (CREL) Scheme for the development of approximately 900 Cost Rental homes, to be delivered in 2022 and 2023 by Approved Housing Bodies. An average of 2,000 homes will be provided per year, by the AHBs, local authorities and the Land Development Agency (LDA) between now and 2030. Where State funding is made available, rents are targeted to be delivered at 25% below market rates.