We all know about the rising cost of rent in Lagos and other majorcities in Nigeria.

In Isolo, Lagos for example, the cost of a room in a face me I face you ( ugly) type house is from 60 to 72k per annum. However agency is 40k and agreement 40k. That's 140k minimum.


The better the house the higher the price. It keeps going up.

In more developed parts of Lagos a room selfcontained apartment could go for as high as N500,000 per annum excluding charges.

How many young upcoming adults can afford this?

The solution is co living. An arrangement where two or more people stay in an apartment in order to share or reduce rental costs.

Co-living is a residential community living model that usually offers a private bedroom, with shared common areas.

Typically, co-living referred to an arrangement where three or more non-related individuals would share a private home, but it has evolved to where large property developers are now creating apartment blocks featuring residential sharing with short-term or flexible leases. Some of the included perks could be stylishly furnished communal areas, top-of-the-range amenities, as well as services such as cleaning and security.

Co-living spaces also make it easier to meet new people and make friends.

Disadvantages may be more den advantages

I see a potential business idea here. Especially in Lagos where rent is relatively high, demand is huge and income is not so great.


What do you think?

I will be back to shed more light on this potential untapped business idea

Hezzyluv:
Disadvantages may be more den advantages

Good. What are the advantages and disadvantages?

Then we take it up from there.

TheEffectiveNG:
It's happening already, we've been making such arrangements in Ajah where the rentals i pretty expensive. My dear, smart entrepreneurs need to setup a website and tap into this goldmine

CC

Lalasticlala

Mynd44

Dominique

Could you shed more light?

Shelter is one of the basic needs of man.

It is clearly a daily need as well.

With the rising cost of rent in Lagos , this is the time to think outside the box.

Any creative and cost effective solution will surely work.

Options like monthly payment of rents couof also be introduced to reduce the financial burden.


Look forward to your ideas, comments and suggestions.

Potential markets for co living business

Students
Working Class people
NYSC Corps members
Informal sector workers within a cluster

We all know about students life. Students are generally fine with staying in hostels.

Therefore a co living space ( also called hostels) for students will be a perfect fit.

Smart entrepreneurs can set up hostels where students share rooms ( 4- 6 in a room ). With this concept the occupants share common facilities.


A hostel arangement can also work for working class individuals in cities like Lagos, Abuja, Port Harcourt etc.