Strong interest in Riverside Manor rent-to-own initiative

There were more than 700 expressions of interest for seven rent-to-own housing units at Riverside Manor when the offer went live this week, writes Brian Byrne. The units are 1-, 2- and 3-bedroom homes in the current development by Alchemy Homes.

The initiative is operated by Homely Technologies Limited, which acts as an intermediary between the developer and people who want to settle long-term in a community but are not yet in a position to buy their home. The Homely platform provides them with a stable renting option that gives the client the right to buy their home after a minimum of three years.

According to Homely co-founder Andrew Lynch, who was showcasing the homes to applicants over recent days, the scheme is for the 'forgotten middle' range of clients who can afford monthly payments but have not yet got a mortgage approval or an adequate deposit.

The Riverside Manor rentals are from €1,850 a month, with an optional monthly payment of up to €600 that builds towards a deposit. That payment also secures the tenant's right to purchase the property after three years. 

The seven homes in the current Kilcullen scheme are in an apartment block overlooking the Liffey. Andrew Lynch told the Diary that there's a possibility of further rent-to-buy units in the development, subject to interest. Homely has similar initiatives underway in Meath, Limerick and Waterford.

Rent-to-own is not currently covered by specific legislation in Ireland, but the Homely principals have been in discussion with public representatives in the Dáil with a view to progressing such legislation. 

During the rental term, the occupant is considered a tenant, and the agreement is bound by Residential Tenancies Board (RTB) regulations on rent caps and tenant rights. The Law Society of Ireland advises that all parties obtain independent legal advice in such rent-to-own agreements.

(Photos below are of the 1-bedroom apartment.)

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