What is Cost Rental?
This new housing tenure offers a long-term, secure rental option that will contribute to the development of a healthy housing market in Ireland. The rent is based on the cost of building, managing, and maintaining the homes which means it is an affordable housing option.
For more information on Cost Rental please visit:
https://www.irishstatutebook.ie/eli/2021/si/425/made/en/print
How much is the rent?
All cost rental rents are set at a minimum level of 25% below the market rents in the area where the scheme is located.
How much is the deposit?
The deposit is one month’s rent less €50
How long is the tenancy?
After 6 consecutive months in occupation under the tenancy and without a valid notice of termination being served your tenancy will be become a tenancy of unlimited duration. This is provided there are no issues with breach of your tenancy obligations or rent arrears.
These properties are a long-term rental option that offer security of tenure.
Will I be able to purchase the property?
No. These properties will not be available to purchase.
What is the Net household income?
Net household income is calculated by adding together the net income for each household member aged 18 years and over. Net income means that income tax, universal social charge, pension related deductions and PRSI are deducted from the relevant gross assessable income.
How do I know if I can afford the rent?
There will be an affordability test to ensure your rent charge is not more than 35% of your net household income. In the event that it is higher, you will be given the option to provide evidence, that based on your current income you have paid the same rent or higher, for the preceding two years without defaulting.
Can I apply multiple times?
No, one application per household only is permitted. Anyone applying multiple times will be disqualified from the lottery.
What size property can I apply for?
If successful, applicants will be assigned a unit based on the below allocation criteria;
One-bed unit – suitable for a single person, or cohabiting couple.
Two-bed unit – suitable for two adults or cohabiting couple/lone parent with 1 or 2 children under the age of 10 years or with 2 children over the age of 10 years of the same sex.
Three-bed unit – suitable for three adults, a cohabiting couple/lone parent with 3 or 4 children over the age of 10 of the same sex, a cohabiting couple/lone parent with 2 children over the age of 10 years of the opposite sex, or a cohabiting couple/lone parent with 3 or 4 children under the age of 10 of the opposite sex.
Four-bed unit – suitable for four adults, a cohabiting couple/lone parent with 5 or 6 children over the age of 10 of the same sex, a cohabiting couple/lone parent with 3 children over the age of 10 years, or a cohabiting couple/lone parent with 5 or 6 children under the age of 10 of the opposite sex.
How will the Cost Rental homes be allocated?
Every application for each unit type will be entered into a lottery for random selection. If your name is chosen from the lottery, you will be requested to submit your documents so that the agent can verify you are eligible for a cost rental unit. If you qualify, we will then arrange an interview and viewing of the property.