THE FIRST PURPOSE-BUILT cost-rental homes in Ireland, costing €1,200 per month in rent, were officially opened today in Stepaside, Dublin today.

The 50 cost-rental homes are part of the Woodside development on the Enniskerry Road which comprises of 155 social and affordable homes, a community facility along with green spaces.

The homes are a mix of one, two and three bedroom properties, while all of the 50 cost-rental homes in the complex are two-bedroom apartments.

Previous cost-rental housing developments, such as the 25 properties in the Taylor Hill, were as a result of acquisitions by Approved Housing Bodies.

The Woodside development was commissioned for the purpose of providing cost-rental and social housing.

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.

The cost-rental model means that the price of rent is equal to the cost of the build alone.

Tenants are charged an amount that covers the cost of delivering, managing, and maintaining a home only. This means prices are not driven by market movements, making it more affordable, and there is no risk of the developer making a profit.

Housing Minister Darragh O’Brien said the rent of €1,200 per month is about 40% below the average rent in the area. 

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He said it is not just the lower rent that tenants are availing of, but also the secure tenancy.

“We’ve set quite a high threshold for net income,” he said, stating eligibility for cost-rental scheme is below €53,000 net household income.

Under Housing for All, the Government’s plan for housing, 18,000 cost-rental homes will be provided between now and 2030, said the minister. 

“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,” said O’Brien.