Porto aims to significantly increase the supply of affordable rental housing, with a target of reaching 1,600 homes by 2029.
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Author: Redaction
Municipality aims to triple housing supply
Finding a home at a price that is compatible with household incomes remains a challenge in Porto. To help meet demand, the local authority is strengthening its commitment to affordable rental housing and intends to significantly increase the number of homes available under this scheme.
The municipality has already delivered around 500 affordable rental homes. By the end of the current term, Porto City Council aims to reach 1,600 homes, increasing the supply available to families facing difficulties in the private rental market.
This target requires a major expansion of the housing response promoted by the municipality, which is looking for new solutions to increase the number of properties covered by affordable rental housing.
Renovation and construction among the solutions
The local authority's strategy involves using different models to create new affordable rental opportunities. Renovating existing buildings is one of the approaches being used, allowing properties to be restored and converted into housing. One example can be found in Cedofeita, where an old building is being renovated to create 25 new homes for this scheme. In addition to renovating properties, the municipality is also seeking homes from private owners and developing projects through Porto Vivo SRU. The construction of new buildings and partnerships with private entities are also part of the strategy to increase supply.
More housing to meet demand
The focus on affordable rental housing aims to create alternatives for people who cannot keep up with the prices charged in Porto's property market. Increasing the supply could allow more families to find a housing solution with rent suited to their income. One of the models also being considered is build to rent, based on constructing properties specifically for rental. This solution makes it possible to integrate new projects into the municipal strategy and diversify the ways in which housing is made available.
With several areas of action underway, Porto City Council aims to accelerate the creation of new homes and move closer to the target set for 2029. If achieved, the municipality will have significantly strengthened its ability to provide affordable rental housing in a city where demand remains high.
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