A new scheme which aims to slash the rent of a two-bed apartment by more than €500 a month has been unveiled. The Land Development Agency has outlined plans for the country's first large-scale affordable rental plan. It aims to help solve the housing crisis by building thousands of homes and offering them at rent up to 25pc below the market rate. The typical rent for a two-bed apartment in south Dublin would fall from €1,850 to €1,302 a month under the proposed scheme. This would give the squeezed middle and lower- paid workers, who cannot get a mortgage, the chance to get a foothold in the market. The first project will be rolled out from the end of the year with the development of more than 300 homes in Dublin - but thousands more are in the pipeline. The first scheme is likely to be at Shanganagh in Shankill, in partnership with Dún Laoghaire-Rathdown County Council.