One of Ireland’s leading housing bodies received nearly 11,000 applications for 430 cost-rental units it launched last year.
Clúid Housing said high construction and finance costs mean cost-rental is not currently able to meet the demand of all those it was designed to support.
Last year, Clúid advertised dozens of homes at six developments in Dublin, Meath, Kildare, Kilkenny and Laois. Two of the most sought-after developments are in Dublin.
Clúid received more than 3,000 applications for 230 apartments at Airton Plaza in Tallaght. That development comprised 75 one-bed, 148 two-bed and seven three-bed properties.
Of the 3,054 applications, 2,804 have been ruled out so far.
Parkside in Belmayne has 80 apartments, and 3,663 applications were submitted. Assessments for both developments are still under way.
In Co Kilkenny, Clúid launched 25 houses at the Cluain Glasan estate. They are the first cost-rental properties in the county.
There were 775 applications, with the properties being allocated by lottery. The 775 figure includes people who never finalised their applications and those who did not meet the criteria, as well as those who were unsuccessful in the lottery.
Applicants deemed ineligible before the lottery may not have met the income threshold required, or the size of the household did not match the size of the home they applied for.
Tenants applying for the scheme, which sets rents at least 25pc lower than market rates, must have a net household income below €66,000 a year for Dublin and €59,000 in all other counties.
The rents at each of the developments vary.
Three-bed, A-rated homes in Woodstream, Navan, Co Meath, are €1,374 a month, which Clúid said is 33pc below current market rents in the area. There were 601 applicants for the 42 properties.
Apartments in Páirc na Manach, Newbridge, Co Kildare, generated huge interest – Clúid received 1,959 applications for just 25 properties. A one-bed apartment costs €1,118, a two-bed is €1,267 and a three-bed duplex is €1,419 a month.
In Portlaoise, 28 apartments available for rent between €944 and €1,162 attracted 622 applications.
Overall, there were 10,675 applications for the 430 properties across the six developments.
Clúid said it will continue to advocate for the expansion of “this secure, long-term tenure type”. Since 2021, it has provided more than 700 cost-rental homes across six counties.
“When implemented at scale, we believe cost-rental will have a positive impact within the private rental sector, offering reduced rents and improved standards,” a spokesperson said.
“We know from our research what impact a secure, high-quality, long-term home with a fair rent can have on the lives of our residents.”
Clúid said it is working closely with the Department of Housing and its partners to find solutions to deliver more homes.
The Irish Independent previously reported that the Land Development Agency received more than 23,000 applications for 1,253 cost-rental properties last year, but more than half were deemed ineligible.