The Ministry of Housing announced Tuesday it will offer 15,000 move-in ready rental housing units across several governorates and new cities, at an average 2,500 Egyptian pounds monthly ($50), shifting direction for a social housing program historically focused on home ownership.
This listing offers discounts of 60% to 70% compared to local market rates, a source at the Social Housing and Mortgage Finance Fund (SHMFF) told Al Manassa.
The initiative aims to alleviate severe housing cost pressures on low-income households and young workers by providing indirect rental subsidies rather than direct cash assistance.
Rents under the new program will start at 1,500 pounds ($30) per month, with government support built directly into the discounted rates. “The rent will be far below prevailing rates in each area,” said the source, who requested anonymity to discuss the offering.
“In a neighborhood where the average monthly rent is 8,000 pounds ($160), the fund could offer a unit for just 2,400 pounds ($48),” the source explained.
To ensure consistent payments, the program requires that monthly rent not exceed 25% of a tenant’s income. “Someone earning 10,000 pounds ($200) a month will be able to rent an apartment for no more than 2,500 pounds, leaving 7,500 pounds ($150) for other expenses,” the source said.
Tenants must also pay a security deposit equal to three months of rent, which is fully refundable at the end of the contract if the property is returned in its original condition.
The expansion comes as soaring housing costs stretch household budgets across the country. In July, a study by the Built Environment Observatory found that average rents in Cairo reached 10,500 pounds ($210) in the second quarter of this year.
The 15,000 units are ready for immediate occupancy without handover delays, and most were included in previous ministry offerings, according to the source.
The Ministry of Housing statement specified that the total includes 8,464 social housing units in governorates, 3,256 in new cities, and 3,280 units built under the presidential Haya Karima (Decent Life) initiative. The announcement follows the release of 5,000 rent-to-own units days earlier.
Beyond subsidizing housing, officials aim to establish a new rental pipeline for young adults while offering replacement housing for eligible tenants affected by recent amendments to Egypt's old rent law.
Applicants for the main program must be 35 or younger, a limit designed to help young people secure housing early in their working lives. The age cap does not apply to the replacement housing program, which operates under separate guidelines to rehouse residents affected by slum clearances, urban renewal, and tenants impacted by recent legal changes or expirations governing old rent-controlled properties.
