For just 195 cost-rental flats at a new complex in Dublin, over 4,600 applications have been received, reports RTE.
Applications for cost-rental flats at Shanganagh Castle in Shankill were accepted last week by the Land Development Agency (LDA).
During the week that the site was active, 4,608 applications were submitted, reports RTE.
A lottery will be performed in the new year to determine who will receive the flats, with just over 2,200 of the applications meeting the eligibility requirements.
Among the 195 residences are 40 one-bedroom, 107 two-bedroom, 29 three-bedroom, and 19 studio flats.
Cost rental is intended to provide a safe, long-term renting choice that is usually 25% less expensive than market rates, reports RTE.
A studio apartment at Shanganagh Castle costs €1,175 per month, while a one-bedroom apartment costs €1,250. The monthly rates for the two-bedroom flats are €1,575 and the three-bedroom units are €1,775.
The net family income of applicants for these rental properties must be less than €66,000, reports RTE.
Additionally, they must be able to pay the quoted rent, which shouldn’t exceed 35% of their net monthly income.
The LDA and Dún Laoghaire-Rathdown County Council collaborated to create the Shanganagh Castle Estate housing project.
The Irish Times was the first to report on the number of applications for the cost-rental scheme, reports RTE.
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