Lagos is the fourth most expensive city in Africa for house rent, according to a recent Fortren & Company analysis, highlighting the growing economic challenges that are pushing people out of desirable urban areas.
According to the survey, as obtained by ENigeria Newspaper, the report after it examined the “Average Rent of 2-Bedroom Apartments Across Africa’s Most Important Cities,” ranked Lagos fourth after Abidjan, Cape Town, and Accra in second, third, and fourth respectively. Other cities listed include Douala, Nairobi, Kigali, Dar es Salaam, Cairo, and Casablanca.
Despite Lagos’ fourth-place position, the reports claim that the house rent in the city rises are still among the worst on the continent due to rising demand, limited housing availability, and macroeconomic factors.
According to industry estimates, the Lagos house rent prices have increased by between 50 and 200 percent during the last two years.
The results show that in Lagos’ upscale neighborhoods, like Ikoyi, Banana Island, and Victoria Island, the average yearly rent for a luxurious two-bedroom flat is roughly $19,379 (about N26.8m). This contrasts with much higher rental prices for comparable properties in Abidjan ($41,671), Cape Town ($27,813), and Accra ($26,299).
The city’s living patterns are changing and household incomes are being severely strained by the dramatic increase in rental prices. Many locals are moving to outlying locations in quest of more reasonably priced housing as rents in core districts rise. However, annual rates for typical two-bedroom apartments currently vary from N1.5 million to N2.5 million, even in these outskirts, demonstrating how pervasive the housing crisis is.
Lagos house rent
Consequently, a large number of Lagos residents are pushing for government involvement in the issue of house rents in the state
They propose a concept in which the government serves as an intermediary, paying the rent in advance and gradually deducting it from the prospective tenant’s wages.
In order to safeguard tenants, there are also demands that the government enact and uphold laws that regulate the housing market.
The Lagos State House of Assembly has responded by making a major move to enhance the landlord-tenant dynamic. Actually, the second reading of a proposed tenancy bill titled, “A Bill for a Law to Regulate the Relationship Between Landlords and Tenants in Lagos State Including the Procedure for the Recovery of Premises and for Connected Purposes”, has been approved.
