A significant step to promote the rental market in Israel: The "Apartment for Rent" company – together with the Ministry of Construction and Housing and the Israel Land Authority – reports the successful completion of a tender for the construction of 136 long-term rental housing units in the Hatzavim neighborhood in eastern Rishon Lezion. The winning bidder will pay approximately NIS 46.5 million, including development expenses and VAT.
Of the total number of apartments in the project, 25% will be rented at a reduced price – in accordance with the new policy to encourage stable and accessible rentals, especially for young couples and families.
The Hatzavim neighborhood is undergoing accelerated development and is expected to eventually include around 1,000 housing units with a diverse mix. The current tender is another step in turning it into one of the city's most desirable neighborhoods. The construction will include buildings of 5–10 stories, as well as towers up to 30 stories high, with commercial areas, employment spaces, and public buildings.
"We have a responsibility to enable accessible housing for the entire population"
The current project joins two existing projects in the city under the “Apartment for Rent” model – the Rakafot Project (216 housing units) and the Kidmat Rishon Project (78 units). With the addition of the Hatzavim complex, the total number of long-term rental apartments in Rishon Lezion will stand at around 430.
According to Chaim Fromowitz, Chairman of Apartment for Rent: "The Hatzavim neighborhood is emerging as a strategic residential area, with high accessibility to employment and transportation centers. The new project strengthens the perception of long-term rental as a high-quality and secure solution for families."
Rishon Lezion Mayor Raz Kinstlich added: "The Hatzavim neighborhood is part of a comprehensive initiative to develop the eastern part of the city. We have a responsibility to enable accessible housing for the entire population, and we are pleased with the cooperation with the Israel Land Authority and ‘Apartment for Rent’."
Inbal David, CEO of Apartment for Rent, noted that the tender in Rishon Lezion is part of a broader national trend: “We are working to increase the supply of long-term rental housing units both through marketing and planning tools – in order to provide a stable and high-quality solution for renters throughout the country.”
Minister of Construction and Housing Yitzhak Goldknopf also welcomed the success of the tender: “This is another important milestone in our efforts to expand the housing supply in Israel while maintaining accessibility, quality, and stability. We will continue to promote similar projects throughout the country.”