Tenants struggling to pay Dublin rents could be living for €300 a month in Dublin 4, utility bills included, under expansion plans from a European property management company.

Camelot Property Management is seeking vacant residential, commercial and institutional buildings for use as temporary homes by "guardians" who will provide an alternative to security firms.

Camelot, which has had an office in Dublin since 2006, plans to expand its operations because of the large amount of vacant properties in the city and nationally.

“There is a clear need for more rented accommodation in Ireland, and there is also a rising vacant property issue that shows no sign of slowing down,” said manager Paul Cosnett. “Our vacant property management solution addresses both issues.”

Building owners pay a fee to the company, 10 per cent of standard security costs. In return, they get occupation of their building.

Those living in the building make a monthly payment to Camelot, generally a quarter of market rents. With rents rising, particularly in Dublin, the company’s charge is considerably lower than private rental rates.

“Monthly costs for a five- bedroom house in Dublin 4 start at €300 a month inclusive of all bills,” Mr Cosnett said. “For comparison, outside of Dublin, prices in Cork and Wexford start at €150 a month.”

The catch: guardians do not have the same rights as tenants. They sign a guardian licence rather than a tenancy agreement, which is typically for three months. There is a four-week notice to vacate if the building is sold.

Guardians are required to notify their property manager in advance if they are going on holidays to ensure the property will remain occupied and secured, but they are not liable for any criminal damage to the property by a third party.

“When guardians take occupancy in properties,” Mr Cosnett said, “we see a dramatic decrease in the levels of dilapidation, vandalism and crime in the surrounding areas.”