These are going to be popular.

Clúid Housing has opened tenancy applications for the first cost rental homes in Cork… and the rent is a whopping 45 percent below local market rates.

The 73 new cost rental homes, developed by O’Callaghan Properties, are a mix of one- and two-bedroom apartments, located in Lancaster Gate, Cork City.

Under the Government’s Cost Rental Scheme, 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, rents are targeted at a minimum of 25% below open market value.

Prices for Lancaster Gate homes starting at €990 per month, increasing to €1,100 for the two-bed. Residents will also be provided with long-term security of tenure.

To apply for the cost rental homes, applicants must have a net household income below €53,000 per annum and not be in receipt of any social housing supports (including Rent Supplement or HAP). Applicants cannot own a property and your household size must match the size of the property advertised.

Applications officially open on clúid.ie on Tuesday, July 19th, 2022, with the first homes available to move into in October 2022.