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The cost of renting is rising in the border communities of Lagos

Photo-ZAWYA

Rental rates in Lagos-Ogun border communities like Ojodu-Berger, Akute, Warewa, Arepo, Magboro, and Sango are witnessing a notable increase, as reported by the Nigerian Tribune. In areas such as Warewa, Arepo, and Magboro, rental values for three-bedroom apartments have surged to between N1.3 million and N1.5 million annually, with two-bedroom units fetching around N800,000. Accommodation seekers face challenges as landlords and property owners justify the hikes, citing rising building material costs and maintenance expenses.

Many attribute the increase to Naira devaluation and inflation, compensating for the currency's reduced purchasing power. Until governmental interventions address volatile foreign exchange, inflation, and high building material costs, rental values are likely to continue rising, according to experts. Landlords, burdened by loan repayments and interest, have little choice but to adjust rents upward. For instance, in Alimosho, rents for both three-bedroom and two-bedroom units have risen from N800,000 to N1 million and from N700,000 to N1 million, respectively.

The demand for two-bedroom apartments in Alimosho exceeds supply, leading to the higher price tag. Tunde Balogun, co-founder/CEO of SmallSmall, emphasizes the correlation between rising inflation, currency devaluation, and increased rental prices. As the Naira's value diminishes, landlords must adjust rents to account for the currency's decreased purchasing power, straining tenants' finances. Stephen Jagun, another professional, highlights the ripple effect of rising building material prices on rent hikes. The increased cost of construction translates to higher rents, as developers struggle to recoup their investments through sales or leases. If they opt to sell, prices soar, while rents must match the hefty investment. Jagun underscores the urgency for governmental intervention to alleviate citizens' concerns, suggesting measures like regular presidential addresses to instill confidence in the populace amidst economic challenges.

April 16, 2024 6:11 p.m. 4621

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