An Taoiseach Welcomes Residents to Cork’s First Cost Rental Scheme

Today, the Taoiseach Micheál Martin, together with the Lord Mayor of Cork, Councillor Deirdre Forde, and Clúid Housing, welcomed residents to Cork City’s first Cost Rental Homes.

The scheme, Lancaster Gate at Lancaster Quay, is a mixed tenure community, comprising of 88 apartments, 73 of which are Cost Rental homes. The homes are one-, and two-bedroom properties. All homes have been allocated, with the first Cost Rental residents moving in from today.

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. Applications far exceeded availability, with over 1,200 applying for the 73 Cost Rental properties.

Taoiseach Micheál Martin commented: “The launch of this cost rental scheme is a really important step in providing high quality, and accessible, homes for people in the heart of Cork city. We are making real progress on housing, despite the challenges, and Clúid Housing is playing a vital role in this. I applaud them, Minister Darragh O’Brien, his Department, the Housing Agency, and the Housing Finance Agency, on the delivery of this scheme. I also wish all the families and new residents moving in every happiness in their new homes.”

Lord Mayor of Cork, Councillor Deirdre Forde, said: “It is fantastic to see the launch today of this wonderful new Clúid cost rental scheme, Lancaster Gate, right here in the heart of Cork City centre. Cork City Council has worked in close partnership with Clúid on many housing schemes across the city. I know that this new cost rental scheme will be a great success for the households moving into their new homes and the wider community. ”

Cork City Council Chief Executive, Ann Doherty said: “This high quality mixed tenure housing development of 88 new build apartments at Lancaster Gate by Clúid Housing, 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. The City Council will continue to work closely with progressive AHB partners like Clúid and other development agents to realise more cost rental, affordable and social units across the city in line with the government’s ambitious Housing for All plan”.

James O’Halloran, Senior Supply Manager of Clúid Housing, commented: “As we’re all aware, there are huge challenges in the housing market currently. We’ve seen a reduction in available places to rent or buy, and rents are continuing to rise across the country. 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. Today, we’re delighted to welcome new residents into these 73 homes in Lancaster Gate on the banks of the River Lee.

“We worked with a range of partners to deliver this new brilliant new development in Lancaster Gate, including the Department of Housing, Local Government and Heritage, the Housing Agency, the Housing Finance Agency, Cork City Council and O’Callaghan Properties.

“Today, we also officially opened our newly refurbished Cork office on White Street. Clúid has an ambitious growth strategy to deliver additional social and cost rental homes in Cork and the South West. The level of financial support provided by the Government is central to our ability to delivery and we look forward to continually working with our partners to provide greater housing choice in Cork and across Ireland.” concluded O’Halloran.