A new report has ranked Lagos, the nation’s commercial nerve centre as the third least of world cities that are highly unaffordable for renters.
The report released by RENTCafé, a property search website puts Lagos rent at $355 (N129, 575) per month while the household income is $625 (N228, 125), making the city the third behind Manhattan, New york city with 59 per cent and Mexico City with 60 percent. It also identified the three least cities as vibrant urban hubs with thriving or emerging economies but unaffordable for renters
The ranking is coming on heels of the global professional services firm, Price Water Corporation (Pwc) Opportunity report that listed Lagos at 28 position of 30 cities.

In its latest Cities of Opportunity report, PwC has also set up what is basically the shortlist of the world’s best cities to work and live in.
The top-30 ranking is the result of an in-depth analysis of the most prosperous global business, finance and culture capitals, which looks at 10 different indicators—including but not limited to infrastructure, intellectual capital, sustainability and ease of doing business, all of them essential for a great environment.
With the list, the researchers looked at how much money do people earn in these cities and whether these salaries are enough to afford a rental apartment.
The implication of the recent report is renters in Mexico City, Manhattan and Lagos face severe rent burden, meaning that the rent takes up more than half of a household’s income each month (60 per cent, 59per cent and 57per cent respectively).
In other words, in an average family with two earners, one of them works only to pay the rent, and it’s still not enough.
Lagos residents cough out an astounding 57per cent of their income on rent, while in Mexico City, the median household income barely hits the $14,500 mark and yearly rent amounts to $8,640 on avg.
That puts Mexico City first among the world’s most unaffordable cities for renters with a 60per cent rent burden. Not even London, which PwC declared the world’s best city to live and work in escapes the affordability woes.
The 40per cent rent-to-income ratio places UK’s largest city among the moderately rent-burdened global powerhouses of the world.
At the other end of the spectrum, Kuala Lumpur emerges as the best choice for renters in search of more relaxed lifestyles. Rent barely takes 20per cent of the median household income in Malaysia’s capital city.
In the study, the researchers looked at the current rents in the top global financial centres, but not restricted to cities with outstanding activity in the financial sector, and bringing into the equation the affordability of local housing prices too.
According to the Communications Specialist for RENTCafé, Amalia Otet, researchers used the list of the world’s top cities of opportunity as published in the latest issue of their Cities of Opportunity report and study the overall average rents or their US Dollar-equivalents adjusted for inflation as necessary.
In the report, London slide back 21 places when ranked by rental affordability, with the seven out of the top 10 most affordable cities of opportunity catapulted straight from the lower third of the initial ranking.
“London is famously expensive. And so is LA. But is this just an outside perception or the sad reality? Our research team here at RENTCafé looked at rental prices in the world’s 30 best cities to live in and compared them with the local median incomes to see just hom (un)affordable these fine urban hotspots are”, Otet noted.
According to the study, Kuala Lumpur, Moscow and Johannesburg ranked as the most affordable cities of opportunity from the 20th, 22nd and 24th places of the original ranking, respectively.
Also two South American markets on the 4th and 5th places, Bogotá and Rio de Janeiro moved the farthest from their original positions—22 places up from 26th and 27th.

Speaking on the ranking, an, urban development expert, Lookman Oshodi said the ranking is not unexpected considering spiraling inflation that the country has witnessed in the past few years.
He noted that in the past two years, however, most property owners have maintained rent freeze.
Despite the freeze on the real rent cost, property owners and renters alike, Oshodi said have been dealing with costs ranging from security, energy, water and road among other housing related services.
more at http://www.akelicious.com/2017/07/lagos-ranked-worlds-third-unaffordable.html

island is not affordable


But mainland is affordable




Ftc

Lagos Na Wa ooo

Lot of greedy Landlords.. Most especially does agent they are ready to collect money pass person wey own the house..
Awon Eleribu dede


For Your Roofing Materials.. Kindly check my signature..
Affordable Price ni oo..

mehn...Lagos should be a country. too big and too industrialized to remain a state. my opinion though

If that figure is average rent per month then it is a funny hyperbole, if it is the maximum rent per month then it is very possible.

First,Lagos would always be expensive because most of their governors both past and present are working and developing it while Other state governors don't care about welfarism of their people and less concerned about developing their states. Secondly, a lot of people like going go where they value and not where they would be valued.. I
lastly,instead of fighting over Religion and Biafra,let fights for our right and tell our governors to work

Unaffordable based on Lekki standard, not Abule Egba or Okokomaiko standard

Good. unlike Abuja here.

Kai

Lol the rent is nothing to play with in Lekki surbubs!!

Eko Oni Baje oooo

Eko oni baje, Eko aromi sa legbe legbe.. AFONJA ni wa.. Omo oduduwa... developers from potopoto please stay away..

Very true

Stale


Check my signature for 2017/2018 Jerseys and Confederation Cup countries jersey

Is this lagos

hakeem4:
H

H for what?

On a Monday morning!

g

So it's way expensive to live in Mexico city and new York vis a vis the purchasing power.....

But then, what else can we do??

courtesy of the developers ...

Tellem bro. Tellem

The demand far outstrips the supply so the government should invest heavily in affordable housing just like Alhaji Lateef Jakande did in the days of old.

true

Money55:
Is this lagos

No! It's Abia state.

Benekruku:


H for what?

On a Monday morning!

hush puppy

So that means I can survive in Canada without hassles

prinsam30:
Eko Oni Baje oooo

go back to ijebu , Lagos is not ur village

By lekki standard..Even Bobrisky could only afford Boys quarter

Greedy lordlands & failure of buhari government has to be blamed

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If you can Survive In Lagos.


Then you can Survive In Most International Cities....

Who no fit stay Lagos make e move to Ogun state or Oyo state no be by force to stay for Lagos. Because suffer head people just too full Lagos no need to be sleeping in Shanks just because you want live in Lagos as beautiful as some part of Lagos is, it is a village compared to some cities in this world.

ELKHALIFAISIS:
go back to ijebu , Lagos is not ur village

who's this one

Oya receive sense