Earthquakes:
Once you build your own
You can decide to lease it out for free.

But by the way Nigeria has the cheapest house rent in the world, my one month rent in Canada is my 3 yrs rent in PH.

But yes you can always find a way to make the money unlike in Nigeria.

Sometimes I wonder how u guys compare Nigeria with Canada.

Do we spend Canadian dollar here or are u spending same naira in Canada?

Earthquakes:
Once you build your own
You can decide to lease it out for free.

But by the way Nigeria has the cheapest house rent in the world, my one month rent in Canada is my 3 yrs rent in PH.

But yes you can always find a way to make the money unlike in Nigeria.

Yes ooooo, i just got a 1 bedroom apartment in Ontario Waterloo where i live, for 1720 Cad
That is about 1.6m naira a month, excluding hydro
E no easy anywhere my people

Flier:
Go and build house if it’s easy,cost of building materials is now multiply by 3
The worse is you can never make the money you used to build the house back in 20 years.

House wey person build since 2001 wetin concern the landlord with increase in materials, na every day he dey build the same house on same spot?

The cost of building materials in this country is nothing to write home about

ednut1:
In 2012 a relative built a house for rent at ikotun axis. One bedroom was 200k and two bedroom was 250k. when i visited 9ja last she said its now 750k and 800k respectively . I was like wtf

/
2 bedroom in 2012 = 250,000/ 164 = $1,524

2 bedroom in 2024 = N800,000 / 1260 = $634

Now imagine how much depreciation your relative is eating if she is abroad and invested in Nigeria.
If she took a loan from a bank abroad to build, she is really f..ked!

/

Nazgul:

Bro you see all those 2, 3 and 4 decking at Ugwuachara, NEPA, Pastoral, Eze and Bros, kpri kpri, Udensi, down to works and Cas. The cheapest you'll see 2 bedroom flat there is 400k. And that would be with abeg plus your dialect.

As at 2020, houses were still cheap in Abakaliki. But Abakaliki being an emerging market in real estate, coupled with the high prices of building materials, most landlords have tripled their rents. I was shocked when a cousin of mine told me that he's paying 550k for 2bedroom flat at Ugwuachara. I was like for real?

Houses have become extremely expensive in Nigeria...most especially if you want a comfortable house.

You don't mean it

[quote author=Sonnobax15 post=127965013]
Should we blame the landlords?

Hell no!!! You can't blame them when cost of building materials is steadily increasing...

Reminds me of 2022 when I paraded some yahoo boys who were looking for a 2-bed room apartment....We finally got to find one and the landlord pinned the house rent down to #850k yearly.....I almost OFF that moment......Money wey dem take buy keke carry give me as higher purchase nai these boys wan splash throway just like that,that was the thought that was running in my mind . The landlord was even saying his own was the cheapest in the area . Like WTF....... Y'all need to see the kind bad eye wey I take look am like say na me get the money

Omoh,I like where I dey right now abeg......Very cheap, peaceful,water dey,well tiled and pvc ceiling . And most importantly,fine bannies come still surround me join as a bonus :drop location

Sonnobax15:

Should we blame the landlords?

Hell no!!! You can't blame them when cost of building materials is steadily increasing...

Reminds me of 2022 when I paraded some yahoo boys who were looking for a 2-bed room apartment....We finally got to find one and the landlord pinned the house rent down to #850k yearly.....I almost OFF that moment......Money wey dem take buy keke carry give me as higher purchase nai these boys wan splash throway just like that,that was the thought that was running in my mind . The landlord was even saying his own was the cheapest in the area . Like WTF....... Y'all need to see the kind bad eye wey I take look am like say na me get the money

Omoh,I like where I dey right now abeg......Very cheap, peaceful,water dey,well tiled and pvc ceiling . And most importantly,fine bannies come still surround me join as a bonus

this is what I hate to hear, cost of building materials? Even houses they av built like 15 to 20 to 25years ago, they are increasing the rent and they will still say cost of building materials. It is well o. The wickedness we are showing ourselves are more than the ones govts are showing us.

Flier:
Go and build house if it’s easy,cost of building materials is now multiply by 3
The worst is you can never make the money you used to build the house back in 20 years.

You are right
What I used to build my house I'm lagos can not be realised in 20years come.
Yet so many tenants are a nightmare due to there attitudes.

Irupetepete:
say what you know...
My place is a 3bedroom flat, fully tiled, spacious sitting room, two toilets 2 bath, spacious kitchen, pvc, prepaid and water dey run 24/7
300k, ibadan and na me disvirgin the house...
My landlord come nice, at the beginning of the year when you pay, he go run you 10k light on your prepaid and 10k on the water prepaid..

which area in Ibadan?

jmoore:

Story! Do you know what is inflation?
Is the cost of rice today same as 11 years ago?

Or petrol

InvertedHammer:


/
2 bedroom in 2012 = 250,000/ 164 = $1,524

2 bedroom in 2024 = N800,000 / 1260 = $634

Now imagine how much depreciation your relative is eating if she is abroad and invested in Nigeria.
If she took a loan from a bank abroad to build, she is really f..ked!

/

capital appreciation nko . Cost about 12m to build the house then. Today na like 45m o

Update- I just went to do the calculations using the figures i put up there. Value of house don reduce by half hahahahah

JasonNOTStatham:
Depends on location (school area, rural and suburban seems doable)

Bedsitter 70-150K +

1 BR 90 - 180K +

2 BR 170- 300K +

Still... minimum wage (35K) won't be feasible for rent in solid 6 figures.

Pretty sure this isn't Lagos.

HeatSeeker:
The landlords are not really to blame. It's housing agents like marida and mayorcastle that surreptitiously inflate the value of the apartments for rent. Just imagine a mini flat going for over 700,000 in run down areas like Shomolu and bariga. They are joyless and almost soulless in their pursuit for profit. Its only God that can save us.

700k is even scarce in somolu, I saw one recently for 800k, both sitting room & bedroom can't even contain 6by6 bedframe and they want to collect 800k a year.

Goodnewsforlife:
na agent own worst pass n I know for sure very soon nobody go give those greedy bastards house again

Imagine them go call rent 300 then total package 450k

What are u packaging on top ordinary sheet of paper wey I go put my passport

Na craze I swear

Where are you people even seeing this ones, in Lagos here, any rent that is 300k

Total package will be 550k.

Maybe you're right. Caretaker is the owner's daughter, and I'd met with her directly.

Mcslize:


That's because you rented directly from the house owner. If you pass through agents, they would have inflated the price for you.

Nigeria agents are wicked.

Flier:
Go and build house if it’s easy,cost of building materials is now multiply by 3
The worse is you can never make the money you used to build the house back in 20 years.

Lolz

That's because you factor cost of land into the cost of building the house, just the building alone, you will make the money in 10yearz, if you doubting it, ask developers that are building houses for people that can't afford to, while they will use it for 20years maximum, if they aren't making money from it, will they be building it?

Abuja is the worst,saw two apartments at kugbo mechanic for 1.4m and 1.5m I just shook my head. Why such a ridiculous rent on a bad road.

ravensckar:
It's just getting started o. Sometimes, I wonder how the upcoming generation will 'breathe'.

Around Sangotedo area where I currently stay (Close to BLENCO), a decent Room & Parlour self contain used to be 450K-500K per annum. Now, it's around 650K-700K. 2 bedroom flat then used to be 700K-750K, it's now 900K-1M.

I had a quarrel with my landlord late last year about the Compound Gate & pumping machine. Baba dey threaten me with Quit Notice. Meself dey shout for am sey I no send. After scouting for houses nearby and hearing the price, na me use my two leg go make peace. It's now I know why the other tennants have remained loyal.

Lagos landlord no be anybody mate.
May God help me to finish my house too this year, I don tire to dey pay rent and still dey act humble.

🤣🤣🤣🤣

Earthquakes:
Once you build your own
You can decide to lease it out for free.

But by the way Nigeria has the cheapest house rent in the world, my one month rent in Canada is my 3 yrs rent in PH.

But yes you can always find a way to make the money unlike in Nigeria.

We are talking about Nigeria, you are talking about Canada, what is wrong with some of you sef?
Do Nigerians earn is US/Canadian dollars?


If we earn in US dollars, then we can also be paying up to $800 to $2000 per month for an apartment.

I know a friend who earns $4600 monthly and his monthly rent alone is $1200. So, stop this baseless comparison.

Why you no build ur own that 2001?... becos him no get other responsibilities to take care with this high cost we all dey face so abi

ceejay80s:

House wey person build since 2001 wetin concern the landlord with increase in materials, na every day he dey build the same house on same spot?

Room and Parlor is about N350k to N500k in some parts of Ibadan. Be playing....

Materials are up and up...everyone blames forex, but it is all good. Landlords need to maintain, recoup the investment, and also pay for the same high prices of goods, foodstuff, PMS, and so on...so it makes sense to increase. Supply is down because fewer people are building houses to rent...most new builders now are either selling, doing AirBnB, or for personal use. Bad tenants are not helping matters as well.

I am glad to have good tenants, and so I won't be increasing rents till next year.

Room and Parlor - N200k becomes N250k, N250K becomes N300k plus service fees.
2 Bedroom Flats - N500k/N550k becomes N550k/N600k plus service fees

My advice to tenants...you do not have to rent alone...You can rent Two Bedroom for N550k and share with someone...you can do the same for 3 bedrooms..rent for N700k and split the rent 3 ways...that is how it is done in sane countries...where 6 people live in the same house and share kitchen and restroom...you won't even share restrooms in Nigeria. This is the reality we are headed to. The days of renting and bringing in everyone from the village is almost over...maybe people will have less children now given this reality. My take

Nazgul:

170-300k for 2 bedroom flat in Nigeria?

Wake up bro, we're 2024 not 2014.

You won't even see a standard 2bedroom flat for 300k in Abakaliki sef.

ednut1:
In 2012 a relative built a house for rent at ikotun axis. One bedroom was 200k and two bedroom was 250k. when i visited 9ja last she said its now 750k and 800k respectively . I was like wtf

Yea. That's true. I grew up in ikotun. Accommodations are expensive now especially if it's close to the road.

spartachico:
A conducive 2 bedroom flat, in a serene street/ environment in Abule egba and its environs ,starts from 700k and even at that 700k just buy student foam put inside the rooms because if you dey think of 6X6 mattress omo na to open door jump on bed and from bed jump enter toilet cus no space at all, so if you want better spacious apartment ,get ready to splash 1M TO 2M.


Mo wi re abi mio wi re.

O wii re.

Bizibi:
Abuja is the worst,saw two apartments at kugbo mechanic for 1.4m and 1.5m I just shook my head. Why such a ridiculous rent on a bad road.

Was it a one bed or 2 bed apartments..

Timeshalltell:
Rent for Naija cheap sef. For Gh, room and parlor self contained. Lowest na 400k.

People still dont realize that rent in Nigeria is still one of the cheapest. Check other African countries sef not to talk of Europe, Nortg America or other advanced places.
RENT IS NOT CHEAP ANYWHERE IN THE WORLD. if u wanna live like a human being u go pay better money

To secure a good house in Nigeria, go to Akwa Ibom. The problem there is no jobs. Otherwise I wouldn't be here in Lagos. Face me I slap you in Oyingbo here is 300k including agent and commission. The worst is the person will be paying #100 everyday to toilet and bath. Whereas, in Akwa Ibom, a tenant will only pay 10% of the actual house rent with no commission whatever, plus good toilet and bathroom. Like this ehn...I dey find house, but houses are too expensive or let me say agent and commission are way too much. Even bigger than the house rent itself.

chccho:

People still dont realize that rent in Nigeria is still one of the cheapest. Check other African countries sef not to talk of Europe, Nortg America or other advanced places.
RENT IS NOT CHEAP ANYWHERE IN THE WORLD. if u wanna live like a human being u go pay better money

Rent in Nigeria is cheap except in Lagos.

There is a place called Bayeku in the Ikorodu area of Lagos, you can easily navigate to the island from there through the ferry. Rent is about 150- 180 per year for a standard room and parlor

Everybody with their own, currently my family house 2 bedroom with water and light in mararaba nassarawa we dey give am for 150k why because the pathways is tight as the engineer messed up in building.
The most painful part na the current tenant, repairs of over 100k just from nov 2023 till now becos of carelessness and if you talk na wahala. I dey wait for their rent to expire i go renovate the place, buy the opposite land for better passage and add the rent to recoup my expenses by God's grace.

Irupetepete:
say what you know...
My place is a 3bedroom flat, fully tiled, spacious sitting room, two toilets 2 bath, spacious kitchen, pvc, prepaid and water dey run 24/7
300k, ibadan and na me disvirgin the house...
My landlord come nice, at the beginning of the year when you pay, he go run you 10k light on your prepaid and 10k on the water prepaid..

Una Sabi lie for this Nairaland Sha.

A landlord would build a block of flats of 2 bedrooms each, ensuit, pvc, tiles, spacious kitchen...etc, and put his rent at 300k?

How old are you sef, do you know the cost of building materials in the market? So the landlord wouldn't recoup his investment abi?

How much then is self con and 1 bedroom flat?

De play.