Perfectly said.. The most annoying one is that of the agents,, very greedy human beings

Demand outweighs supply.

Abuja worse

The rate of lease doesn't correlate with the average salary in Lagos.

And many are trapped in this cycle and many more will keeping falling into the trap.


Anyway, this is Lagos,
A place where most
Are dying daily just to get famous..

i just dnt know?

True

Lagos wàhálà no be here.

tonididdy:
Shitty lagos

very shitty.. Overhyped shit

The agency fees and commission. Big problem. Also no regulation

House is very cheap in matogun, okearo.
With 400k u don pay for 3years rent for 3 bedroom flat..

But prepared to expect the worst during rainny season, na inside mud u go dey swim on daily basis.

Ekoo is an urban jungle of Nigeria, over hyped by just the popular name Lagos..other states in Nigeria are far much better..

Greedy landlord and agents make houses cost in Lagos

CotenantNIG:
Why is property expensive in Lagos? Have you ever been involved in a conversation around this question?

No doubt, Lagos is the commercial hub of Nigeria and this is the reason its real estate sector has been an issue discussed in several fora, both home and abroad.

The number of housing units available in Lagos is not sufficient for the population. According to the Pison Housing Group’s 2019 report, the housing stock in Lagos is estimated to be 1.492 million units, while the United Nations put its population at 18 million people in 2019.

Below are reasons property in Lagos remains largely expensive:

Greedy Real Estate Agents: A lot of real estate agents in Lagos are notoriously greedy. A lot of people can actually afford to pay the rent of a house they’ve seen but imagine an agent asking for almost the same amount for agreement, commission, etc . Some deliberately deny people access to affordable properties for example you try to rent an apartment with a rent of ₦200,000 yearly an agent can demand up to ₦170,000 for agreement, commission, damages etc.

Inconsiderate landlords: Due to how desperate some Lagosians are, Landlords take advantage of this and deliberately increase the cost of renting their houses, landlords in Lagos know if you don’t pay for the apartment on time some other person out of desperation would pay for the apartment that might be too expensive for you.

Yahoo Boys: Have you noticed the reasons why agents increase agreement and commission is because yahoo boys don’t negotiate they just pay and move in. Yahoo Boys can pay for anything, I believe they play a major role in the high cost of rent in Lagos.

Location: Rent defer in Lagos, the cost of renting a 2 bedroom apartment is much lower than the cost of renting a mini flat in Ikoyi or Lekki but it can be worst when the cost of renting a 2 bedroom apartment in egbeda that is closer to the road or bus stop is more expensive than the ones that are inside the streets. Just add ₦20,000 to ₦30,000 inside your rent calculation

Structure of the House: The cost of renting a new house is much more expensive than an old house even if they are close to each other. The funny thing is the old house has a stronger design than the new house, for example, the plumbing work of the older house is much better than the new houses that are been built right now. One example is an estate called Goodluck Jonathan at Pipeline Isheri Igando Road, the houses look beautiful on the outside but the plumbing works , drainage etc is a mess

Too Many Prospects: A house can be viewed by more than 10 prospects in a day, this gives house owners and agents the perfect opportunity to increase the cost of rent and stand by it. They both know that one person would eventually pay, houses in Lagos go very fast. There is no first-come basis in Lagos real estate market, it is first to pay.

What is your take? Please kindly enlighten us with a comment below. Thank you

https://clytee.com/2021/04/29/why-renting-an-apartment-in-lagos-is-so-expensive/

eye opening

Konquest:

It's the power of relentless immigration into Lagos and
Ogun States.

That shouldn't be an obstacle if we have good leaders.
Human Resources is a good source of revenue for a resourceful govt.
We still have many virgin lands in Lagos. The problem is bad roads and not utilizing all the means of transportation

MajesticKris:
Me sef, I don't Deal on house's from 800 thousand...

If you need a good place, it starts from 3m.. and it's on the island

Pm your no

Na Desmond Elliot cause am

Shellsploit:
House is very cheap in matogun, okearo.
With 400k u don pay for 3years rent for 3 bedroom flat..

But prepared to expect the worst during rainny season, na inside mud u go dey swim on daily basis.

Na due to troops when dey enter Lagos on a daily bases,go to all the parks in each state you must surely see a Lagos motor loading each day and every outsider mentality be say na for LAGOS THE MONEY DEY.

Competition is to high

Everybody wants to live in lagos


Lagos is overpopulated

It's because of the city itself, it's full of mega stars, Landlords Now categorize everybody as rich people, And There's no much land in Lagos unlike other states, Y'all know Lagos is full of water, so the little land you have, and you build on it, you'll want to put the house price high because you Know people are desperate.

thatsleepboy1:
Come to iwaya, if you don't have up to 150k-200k you can't rent 1 room o.

Where be iwaya for lasgidi?

CotenantNIG:
Why is property expensive in Lagos? Have you ever been involved in a conversation around this question?

No doubt, Lagos is the commercial hub of Nigeria and this is the reason its real estate sector has been an issue discussed in several fora, both home and abroad.

The number of housing units available in Lagos is not sufficient for the population. According to the Pison Housing Group’s 2019 report, the housing stock in Lagos is estimated to be 1.492 million units, while the United Nations put its population at 18 million people in 2019.

Below are reasons property in Lagos remains largely expensive:

Greedy Real Estate Agents: A lot of real estate agents in Lagos are notoriously greedy. A lot of people can actually afford to pay the rent of a house they’ve seen but imagine an agent asking for almost the same amount for agreement, commission, etc . Some deliberately deny people access to affordable properties for example you try to rent an apartment with a rent of ₦200,000 yearly an agent can demand up to ₦170,000 for agreement, commission, damages etc.

Inconsiderate landlords: Due to how desperate some Lagosians are, Landlords take advantage of this and deliberately increase the cost of renting their houses, landlords in Lagos know if you don’t pay for the apartment on time some other person out of desperation would pay for the apartment that might be too expensive for you.

Yahoo Boys: Have you noticed the reasons why agents increase agreement and commission is because yahoo boys don’t negotiate they just pay and move in. Yahoo Boys can pay for anything, I believe they play a major role in the high cost of rent in Lagos.

Location: Rent defer in Lagos, the cost of renting a 2 bedroom apartment is much lower than the cost of renting a mini flat in Ikoyi or Lekki but it can be worst when the cost of renting a 2 bedroom apartment in egbeda that is closer to the road or bus stop is more expensive than the ones that are inside the streets. Just add ₦20,000 to ₦30,000 inside your rent calculation

Structure of the House: The cost of renting a new house is much more expensive than an old house even if they are close to each other. The funny thing is the old house has a stronger design than the new house, for example, the plumbing work of the older house is much better than the new houses that are been built right now. One example is an estate called Goodluck Jonathan at Pipeline Isheri Igando Road, the houses look beautiful on the outside but the plumbing works , drainage etc is a mess

Too Many Prospects: A house can be viewed by more than 10 prospects in a day, this gives house owners and agents the perfect opportunity to increase the cost of rent and stand by it. They both know that one person would eventually pay, houses in Lagos go very fast. There is no first-come basis in Lagos real estate market, it is first to pay.

What is your take? Please kindly enlighten us with a comment below. Thank you

https://clytee.com/2021/04/29/why-renting-an-apartment-in-lagos-is-so-expensive/

Your report did not touch the main reason why renting an apartment in Lagos is expensive.
Rent is a determined by forces of demand and supply. The dwindling investment in the real estate sector by government and to a large extent private individuals is the major reason why this problem persist. During the civilian rule of former Lagos Governor Lateef Jakande, their was massive investment in this sector coupled with the availability of funds in the hands of private developers unlike what is prevalent currently. It's just natural that all the factors enumerated above will be eliminated if the existence of available properties exceed the demand.

MajesticKris:
Me sef, I don't Deal on house's from 800 thousand...

If you need a good place, it starts from 3m.. and it's on the island

Can u afford the rent urself?

Akpuobi1:
1. Don't blame yahoo boys. They account for less than 0.001% of Nigeria's population.

2. Blame irresponsible government and NASS that doesn't know that cement should be among the cheapest commodity if it wants it's citizens and Nation attain housing and infrastructural sufficiency.

How will Nass make cement cheaper commodity?

3. Blame irresponsible government & NASS that turn a blind to landlords rascality and devour tenants attitude.

It's a messed country

Only a few countries have regulation against increasing rent
Holland
Germany
Landlord rises rent anywhere in the world due to its a private property
Na my land and my house
Demand high abeg

Thevanguard:
It is expensive here in PH as well!!!

Meanwhile check my signature

PH is worse.My younger brother pays 160K for a 3 bedroom flat in Enugu but I pay 170k for a selfcon apartment where I live in PH.

Very unfortunate that Lagos did not have more space than that. The remaining swamp area of ibeju Lekki is even attracting multi million dollars project like the Refinery and many more.

Very soon, Ibeju Lekki will be the most expensive place to live in Africa

Is this a real question? I mean, land is way more expensive in Lagos overall, compared to say, Sagamu. Building on the island can be quite difficult and expensive (for instance the amount spent on building raft foundation alone can finish a house on high, dry land where you just need strip foundation). Lagos has expensive taxes as well, which is passed on to tenants.

Anytime you have higher demand than supply - as in people are trooping into Lagos everyday - prices will rise. This one is basic economics. Landlords that don't charge more rent will find themselves paying higher taxes anyway because property prices have increased.

New houses cost way more to build than the older houses. You want to compare the price of cement 10 years ago to today? Plus labour to build it, other materials, and even fuel to carry those materials have added cost. Any given house of the same quality will cost 15% more to build every year, just based on inflation, so rent has to match. You can't spend 20M in 2021 and charge the same as somebody who built with 15M in 2017. Reducing quality a bit is one way (not that I agree) to keep the costs from spiraling out of control.

For me, we need to grow other parts of the country so people don't keep cramming into Lagos for opportunity.