More than 1,800 applications for just 85 cost-rental homes in Cork

One cost-rental scheme attracted more than 56 applicants for every home available

Cost-rental housing is aimed at middle-income households with incomes above social housing limits but who are struggling to meet private sector rent levels. File picture

Demand for affordable housing in Cork is vastly outstripping supply, with one cost-rental scheme attracting more than 56 applicants for every home available.

It has led to councillors describing such schemes as having a "small to negligible effect" on the housing crisis.

Figures from Cork County Council show 1,862 households applied for just 85 cost-rental homes across a number of schemes, meaning less than than 5% were successful.

Cost-rental housing is aimed at middle-income households with incomes above social housing limits but who are struggling to meet private sector rent levels.

Under the scheme, rents are based on the cost of financing, building, managing, and maintaining homes rather than being subject to market driven movement, with State subsidies helping to reduce costs and make the starting rent more affordable.

The strongest demand was recorded in Carrigtwohill, where 268 applications were received for eight homes in the first phase of a scheme and a further 683 applications for 12 homes in phase two.

Ringaskiddy attracted 398 applications for 17 homes, while 199 people applied for 10 homes in Midleton, and 105 applications were received for eight properties in Youghal.

The demand was slightly lower in West Cork, with 159 applications for 20 Bandon homes and 50 applications for 10 properties in Bantry.

Figures from Cork County Council showed there were 1,254 applicants for 266 homes under the Local Authority Affordable Purchase Scheme, which makes council-provided homes available at a reduced price for eligible applicants, such as first-time buyers.

In return, the local authority takes a percentage equity stake in the Affordable Purchase home equal to the discount of the purchase price from the full market value of the home.

The most popular scheme was in Carrigaline, where 229 people applied for 30 homes. By contrast, Kanturk was the only scheme where supply exceeded demand, with 20 applications received for 28 homes.

Hundreds more applied for housing schemes in Midleton, Macroom, Youghal, Cobh, Fermoy, Mallow, Bandon, Carrigtwohill, Bantry, and Gaeltacht village Baile Mhic Íre.

East Cork Social Democrats councillor Eamonn Horgan said the figures were “stark but not surprising".

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He said: “Any time an affordable or cost-rental scheme opens up, I get a huge surge in communication from constituents.

“The cost of housing to buy or to rent is now beyond so many working people or families and these schemes offer a real opportunity for many to have a home. But the fact is we are still building too few social, affordable and cost-rental homes in this country.” 

Mr Horgan said that despite “huge development” of housing in his constituency, the fraction of affordable and cost-rental homes built has been proportionately small.

“There seems to have been so many schemes launched by this and previous governments, with a small to negligible impact on the overall housing crisis.”