The vast majority of renters still hope to own their own homes, according to research by a State housing body.
However, two thirds of tenants now see the cost rental model as an longer term option, according to a survey published by the Land Development Agency (LDA).
The LDA will be the main provider of cost rental accommodation under the Government's Housing For All plan by developing State owned land.
A total of 84% of the tenants surveyed still want to own their own home at some stage in their life.
However, 67% saw cost rental as an option and only 28% would rule out staying in rental accommodation that was affordable and had secure tenancy.
Affordable rents were the main attraction to make rental accommodation more attractive identified by 78% of respondents, followed by security of tenure by 61% and enhanced green space by 52%.
The LDA points out that cost rental is a common option in countries such as Sweden, Germany and Austria where apartments are rented unfurnished allowing renters to put their own stamp on it and live there for many years.
The research was conducted by Behaviour & Attitudes in February in a survey of 520 adults, all living in rented accommodation, or alternatively with their parents but aiming to move out, in the urban environs of Dublin, Cork, Limerick, Waterford and Galway.
The survey found an openness to unfurnished rental accommodation here with only 36% saying that a property had to be furnished - a percentage that dropped to 18% in Galway.
The research suggests that around one third of renters are paying unaffordable rents defined as more than one third of net disposable income.
This proportion rose to 38% in the Dublin area and the survey found that 17% are spending over half their net income on rent.
The research also showed a high proportion of so-called 'crammer households' of unrelated people with respondents reporting an average of 3.7 people sharing their home.
LDA Chief Executive John Coleman said: "We believe the cost rental model that is central to the LDA's strategy can help address a crucial gap in the market to give a fair deal to the many thousands of people who currently struggle to meet their housing needs in an affordable way."
The cost rental model charges rents below market rates which are paid to housing bodies to cover the costs of construction and maintenance with increases linked to inflation.
It is intended for those who do not qualify for social housing but who cannot afford the private market.
The LDA already has plans for 3,660 homes on sites mainly in Dublin but also in Galway while the development of Cork Docklands and an area near Colbert Station, Limerick could provide homes for another 30,000 people.
Meanwhile, the latest cost rental scheme in Leixlip, Co Kildare, is open for applications through the housing body Clúid.
There are 56 new homes available for rent in Barnhall Meadows at €900 per month for a one bed and €1,250 for a two bed.
Clúid opened the first cost rental scheme with 25 houses in Taylor Hill, Balbriggan, that received 1,000 applications last July.