Jeboy:
Nigerians dey find cheapest product when what we should be fighting for is standardized pay for everyone to increase our purchasing power.

Quality life, education, health etc is never cheap.

Nice2023:




Your contribution is true.

One can build a duplex for that amount in just 3years but they can't build such a house in Canada except through 20 to 30years mortgage.

The truth is,if u have money here in Nigeria,u will go a long way in life.

Shikena:
Greed-driven.

You can mention all the basic laws of economics influencing this but the main fuel is the greed of a typical myopic Nigerian who doesn't care how his/her actions affect everybody.

A groundnut seller will double the price because dollar rate increased, you import am?

A vehicle importer will ship a car to Nigeria & some idiots will add all sorts of ridiculous costs making it impossible to sell at affordable price.

Someone will build rental properties with his sweat & many are lining up for their share each time a lease is done, all the cost is transferred to the renter.

We are our own worst enemies. Greedy fools.

Akinpresident:
You can rent 2 bedroom flat with dining and visitors toilet at Trade More estate in Umuahia Abia state for 175k annually. Unless maybe the landlord added a little extra benefit, it could reach 180 or maybe 200k.
And yes, there's water there, there's security as well. The estate is also close to the main market, it's actually 5mins drive.

jmoore:
I hope those lamenting about house rent are not same people mocking those still living in their father's house.

aspabay:


Lame excuse. Do they get to rebuild their houses again every year?

Princewill1:
There is a mistake young people keep making in Nigeria.

If you're not making your income in a metropolitan city like Lagos, Abuja, PH, you don't have any business living there and paying upto 1-3m yearly rent to keep up.

You will see someone working remotely and earning in different ways online yet paying heavily to live in a city that doesn't generate income for him instead of moving to less expensive city where he can save more in a year.

Walkat9t:
In Benin city, 2bedroom flat with water and fenced compound is 180k- 220k.
3bedroom flat at Iriri Airport road in Benin is 1million naira. ...
On Ekenwan road 2bedroom self contain is 350k..water dey the house o no fence

wunmi590:


There is 250-300k 2bedroom flat in Abeokuta...

I just recently moved from my 250k 3bedroom flat in abeokuta Elega to be precise just because the light in that area is not constant to a 500k 3bedroom flat in a estate where there is constant electricity...

Not all landlord or landlady are greedy...

I'm from Lagos Island, and I stay in one of my family house, self contain is 200k...

So there are still some places in Nigeria you will still get value for your money...

Kenzboi1:
Surulere landlords left the chat

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?

MasterTeeUSA:
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

Pinkybush:
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.

Procashtips:


And is the inflation affecting houses built 20yrs ago?

A house with olden days amenities trying to collect same rent with those with recent/modem amenities.

Greed is going to make you guys have tenants who won't pay you a year after.

Imagine 2 bedroom on the mainland averaging ₦1m-₦1.5m annually.

pacespot:
This is a really serious issue that government needs to look into. Rent is a major factor driving the inflation in this country. Not that the condition of the housing is better than before, landlord will just wake up overnight and increase the rent. Housing is a capital project which needs to be under the government control, just like you have regulatory framework for real estate in advanced countries.

Where is the "commodity board" Tinubu promised during campaign to regulate the prices of good and services in this country so as to protect consumers from exploitation?

Procashtips:


₦10k difference?

Speak reality.

There's no difference in most part of Lagos.

Price of whatever you buy got nothing to do with you charging same amount charged by a 3 star apartment when you're a 1 star apartment.

It's like a room at a 2 star hotel trying to charge same amount with a 4 star hotel. It's simply logic which shouldn't be hard to decipher.

Will you pay ₦100k a night in a substandard hotel just because both hotels buy same foodstuffs in the market?

ajiwo1:


Come to suleja and enjoy life

Jeboy:
So tell me the type of house someone with minimum wage earnings can rent in Nigeria.

Students in Canada with 20 hours a week can comfortably rent 550 to 700 CAD shared flat apartment.

Please tell me...I want to see your logic.

kilode100:
When you can rent houses at Akute for self con 400k, mini flat 600k and two bedrooms for 800k. Well tiled and pop

Maybe in other cities, but not Lagos. I see the tech bros as a major factor especially in the Yaba axis. Lagos is Nigeria's populous state yet smallest and has the biggest economy. So, why won't there be increment in house prices?

Techies, within the past two to three years, have contributed immensely as they mostly outearn the overall population, and sometimes earn in dollars. Anyone who earns in dollars has effectively outearn his naira counterpart.

Na why rents for San Francisco dey very high and even other inner cities as the rise in WFH shot up.

Another issue is general inflation. The cost of things generally have soared and your average landlord is also a victim. Cost of building materials have skyrocketed, so the charges cannot be the same. The building erected in 2022 cannot be the same as 2019. Are yahoo boys also the cause? Na them cause Russia-Ukraine war that affected the price of wheat? Another thing is demand as a result of insecurity. Imagine droves of people moving from violent regions to safer places, the demand for housing in those safe areas will increase. Meanwhile, the supply has stagnanted, thus leads to an increment in rent prices. Additionally, if there is a major redevelopment within the area, it's logical that the rents should be increased. Aka gentrification.

achimendy:


Cost of building materials is not really the cause

most of this landlord build their houses 10 to 8 years ago and are still increasing rent to the current rate landlords with new houses are charging, which is very bad.

And most of the times the house is not in good shape.

Am a real estate agent, sometimes I do quarrel with this landlords because of this issue. To me it's pure wickedness.

Gerrard59:


This is a lie! Ikeja, Surulere, Yaba and environs are some of the choicest places on the mainland because they are close to economic hubs within the state and a short distance to VI and environs where most corporate jobs are situated. The likes of Ikorodu and Epe will witness the same if the 4th Mainland Bridge is completed and/or ferry services are abundant and safe.

For crying out loud, Lagos is Nigeria's most populous state with the biggest economy while also the SMALLEST state. Is 1 + 1 = 11 in your village? Can't you see why prices are high?!



Sorry, but this is a stoopid point. So, the landlord who goes to the same market as a wealthy landlord is not affected by the increment in prices of goods and services?



Then don't lodge in any of the hotels. Go to where your money can afford. That is the beauty of capitalism: it offers you the right and ample opportunity to choose. However, you don't have the right to dictate.

Gerrard59:


Then, you increase your income or lower your standards. That is how it is all over the world. You want to eat big fish, but decline to pay the price. Most immigrants do that the first time they get into a country - move to less expensive areas and commute. As their incomes increase, they move to desirable areas. On the other hand, you improve your skill set so you can command high wages from employers. That is what my friend and a Kenyan did. They live in a place populated by upper middle-class Japanese far away from the city centre. The rents are high, but they live comfortably because their salaries are equally high because of their superior computer programming skills.

Life is not fair. Don't expect it to be. Life is hardddddd

Also, I am sure that N1-1.5M is not for Central Ikeja. Maybe Ogudu and dem Ogba axis.

Gerrard59:


How many non-banking or non-government parastatal jobs pay entry level graduates at least 100K per month in the whole of Akure?

Gerrard59:


To solve the housing shortage problem anywhere is relatively simple:

- Increase the supply of land and ease the process of building houses/apartments. The government should also go into public housing provision. That is what the Singapore government does. After COVID, property prices ballooned because of WFH policies, returning Singaporeans from abroad, people who emigrated from Hong Kong because of kini kon CCP laws, rising costs of labour as most workers moved back to their home countries, rising costs of building materials because of supply chain backlog from COVID etc. Expectedly, citizens complained and the government rose to action by easing border rules for construction workers and investing massively into newer PUBLIC housing developments. On the other hand, she released new lands to private developers while also increasing the taxes on those who purchased more than one property. The government also increased the tax rates on foreigners who purchased properties and closed loopholes. As I write, house rents have declined considerably compared to 2022 levels. It is not magic, but specific government policies.

- In Hong Kong, prices plummeted as many foreigners emigrated for various reasons. The government still had to invest in PUBLIC housing developments to satisfy the demands of younger Hong Kongers, especially as housing is tied to marriage, which is tied to fertility rates. But because the HK City Council generates hooge revenues from land sales, the government has not reduced the prices, unlike its counterpart in Singapore. However, compared to pre-COVID, house prices have declined significantly. To prop up demand, the government has eased immigration rules.

P.S. None of those governments DICTATED or stipulated to private developers the prices they should peg to lease their properties like our resident Karl Marxes argue, foolishly as expected anyway. Dictating to private developers how to price their rented properties has not worked anywhere in the world.

---

To solve Lagos housing issues, again, it is simple:

- Lagos MUST build UP. It is Nigeria's smallest state with the biggest economy and the most populous. That is more than enough to warrant consistent and increasing demand for apartments.

- High-speed railways to Ogun, Oyo and even Osun states. Everyone must not live in Lagos itself. Well-tarred roads leading to train/metro hubs so that commuters can easily and quickly move from Point A to Point B. Make driving, especially personal cars/vehicles, expensive within Lagos itself. Upgrade and privatise the water ferry transport systems. Insist on safety, cleanliness, punctuality and efficiency.

- Other states should be opened up economically so that the majority of young Nigerians don't have to move to Lagos to begin their nascent careers. States like Delta, Edo, Ogun, Oyo, Ebonyi, Bayesla, Cross River, Benue, Nasarawa, Niger, Kaduna, Plateau, and even the unfortunate Kogi should and can be developed as commuter hubs for residents. That is how it is easy in Japan, where most commuters live in Chiba and Saitama but work in Tokyo. How is this possible? Trains!

Are we so unintelligent in that part of the world that we cannot copy good things from others who have mastered them?!

For those aforementioned states to become commuter zones, invest in infrastructure, especially roads and railways, and most importantly, in security. Again, these are simple policies. Nothing is hard here, as it is not rocket science.



Because fewer people are not building newer homes for tenants to rent. People rather build and offer as Airbnbs. The Airbnb phenomenon also affects house prices elsewhere in the world. Since private investors own those properties, the government cannot regulate them, so the government should invest in public housing. The Singapore government banned Airbnb in public housing.



How is that bad? Is the landlord unaffected by the increase in goods and services in 2024? Is the value of 50K in 2013 the same as 50K in 2024? The very reason why landlords with older homes can increase their prices to compete with newer ones is supply and demand. I already covered supply above. If the demand for residential properties remains consistently high, basic and elementary economics says there would be a corresponding increase in the prices of properties regardless of their ages.



And if the shape is renovated to 2024 standards, should the landlord lease them on 2013 prices because the property was built in 2013? Is the price of cement in 2013 the same as that in 2024? What about the wages of construction workers?



It is not wickedness but basic economic principles and concepts. Nigerians have this attitude of using words anyhow. Wickedness is when the landlord outrightly refuses to lease the property even after offered millions. Looking at it again, that is not wickedness because the landlord has the right to choose whether or not his property should be rented out.

If you want to be kind with your properties, it is very simple. Go out there to build houses and rent them out however you like. That is the beauty of capitalism: you choose what to do. Hopefully, you and many others get to practice what you people have mendaciously preached in this thread.

NovusHomo:


...if you don't get kidnapped or suffer some other deadly violence.

Nazgul:

Where in Abakaliki do you reside?

150k for 2 bedroom flat in Abakaliki.

How much is self con at presco, and how much would 1 bedroom flat be?

Sufry de lie abeg.

morgan100:
Recently my family and I moved to Abuja and getting accommodation has been a serious issue. Not that there is no accommodation, however, the cost is something else. We tried Orozo, a good one-bedroom flat goes for 400k, total package over 500k, which is very high for a one bedroom flat in such location. We tried one-man-village after Maraba going to Masaka, same story. My budget was even 250 to 300k.

Omo, I am frustrated already.

Funny enough, the houses that can go for 300k won't have running water, ancient houses that you will have to spend money on to renovate.

And you see those Abuja agents, most of them will have a special place in hell. They have shown me shege.

Up until now, we have not been able to secure an apartment.

Nice2023:



No doubt we may have problems in the country,but how many times have u been kidnapped?

American has more crime per seconds than Nigeria and that doesn't mean that we aren't making progress as a people.

How many times have I been kidnapped? Na wah o . So I need to be kidnapped to know or talk about sefety in Nigeria? O ti da.