Tenants across Lagos are facing an unprecedented burden as landlords continue to hike rent prices, making the cost of living in the city even more unbearable.
Many residents, who had previously moved to the suburbs in search of affordable housing, are now shocked to find that rent increases in these areas are nearly on par with those in the city center.
This sudden rise in rent has left tenants struggling to cope with the financial strain, as what was once considered affordable housing is now becoming just as expensive as living in downtown Lagos. With many residents unable to keep up with the constant price hikes, there are growing concerns over the widening gap between income levels and housing costs.
Tenant advocacy groups are calling for urgent government intervention to regulate these increases and protect renters from the escalating housing crisis.
Reasons for Rent Increases
House rents in Lagos rise for several reasons, chief among which is the city’s high urbanisation rate. Obafemi Hamzat, the state’s deputy governor, noted recently that about 6000 people come into the state on a daily basis with about 3000 of them not having any plan to go back.
These people need places to stay and that exerts significant strain and pressure on the city’s infrastructure, especially housing. Demand from such people also leads to increase in house prices.
In the same vein, a report by Pison Housing Company on the State of Real Estate Market says Lagos has an estimated three million housing deficit. The report, which was confirmed by Moruf Akindero-Fatai, the state’s commissioner for housing, adds that over 80 percent of the state’s 20 million population live in rented accommodation.
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