One month salary should be able to pay your yearly rent else you will not enjoy your money o

Bills Eko
Family
Friends

Abeg anything pass two months is oversabi and showlife

MrHighSea:

... at most...

Thanks bro!

Cutejaelyn:
PLEASE WHO HAS A USA LOCAL BANK ACCOUNT HERE? PM

do you mean dollar dorm account

SonsOfLiverpool:
that's too much.

I just weak bro.....Lagos Landlords are heartless

Niyinficient:


I just weak bro.....Lagos Landlords are heartless

Don't blame them. It is the high cost of living in lagos, demand for these houses and limited supply that drive these things up.

Trust me, if you were a landlord you might do same or worse.

It's business.

SonsOfLiverpool:
Don't blame them. It is the high cost of living in lagos, demand for these houses and limited supply that drive these things up.

Trust me, if you were a landlord you might do same or worse.

It's business.

Personally I think it's the Nigerian greed factor.

You sure sound like a Landlord now (no offense). Let's be honest, judging by the amenities and infrastructure available around most residential areas we can agree that most of these accommodations are overpriced beyond reason.

It's only in Nigeria a Realtor wants to recoup his investment almost at a go. Yet he will be unwilling to carryout his own obligations in maintaining the property.

with my monthly pay , i can pay for 18 months rent where i stay.

lekahm:

Thanks bro!

You're welcome Sir.

ceejayluv:
with my monthly pay , i can pay for 18 months rent where i stay.

oshey OBO lomo

If your 2 months salary can't pay for your annual rent,then its above your means. Look for another option to fit your budget.

deathwing:
Hello guys,

I'd like to know what percentage of your salary is used to finance your annual rent. Is the accommodation standard to your liking?

I know its not a one-size-fits-all thing, but I'd like to get the generally feeling on this issue.

Thanks!

15% at the moment

2kurupt:



Personally I think it's the Nigerian greed factor.

You sure sound like a Landlord now (no offense). Let's be honest, judging by the amenities and infrastructure available around most residential areas we can agree that most of these accommodations are overpriced beyond reason.

It's only in Nigeria a Realtor wants to recoup his investment almost at a go. Yet he will be unwilling to carryout his own obligations in maintaining the property.

am not a landlord lmao.

However, you are right about the greed factor but remember greed is not a crime under law.

The fact that government has neglected their supervisory obligation in the housing sector cannot be under estimated, this has made many people capatilize on the excess demand for these houses to exploiting prospective buyers.

Remember when the last hurricane took place in America, goods were sold 5 times their prices due to demand and supply relationship. The government stepped in and I really can't re call how it went about.

Greed is in every human, Potentially to a larger extent. But, you can agree, if there were enough housing to cater for the large number of people in Lagos, no amount of greed or government neglegience will hold the price up.

zwalda:
If your 2 months salary can't pay for your annual rent,then its above your means. Look for another option to fit your budget.

Quick question: Do you reside in Lagos?

ceejayluv:
with my monthly pay , i can pay for 18 months rent where i stay.

Its either you're a really big boy, or you're staying in a very low budget apartment.
Or you're a bachelor managing in one micro-apartment while on a good salary, saving his money for bigger things.
Or lastly, you're earning a good salary in one remote village/town, where a standard 3 bedroom flat can go for like 120k.
Choose one.

Sheunma:
oshey OBO lomo

Living at the outskirts benefits, man...

DonX001:

Its either you're a really big boy, or you're staying in a very low budget apartment.
Or you're a bachelor managing in one micro-apartment while on a good salary, saving his money for bigger things.
Or lastly, you're earning a good salary in one remote village/town, where a standard 3 bedroom flat can go for like 120k.
Choose one.

ALL Of the Above (except the big boy part though)....3 bedroom flat here goes from like 180k, i stay in a single room and parlor apartment. Earn a standard entry level pay with zero transport cost to work (staff bus)

Cutejaelyn:
PLEASE WHO HAS A USA LOCAL BANK ACCOUNT HERE? PM

What do you need?

About 116%


Earns 65 per month
Pays 75 for rent per annum

ceejayluv:


ALL Of the Above (except the big boy part though)....3 bedroom flat here goes from like 180k, i stay in a single room and parlor apartment. Earn a standard entry level pay with zero transport cost to work (staff bus)

Lol, enjoy yourself. Benefits of living outside the crazy cities.

SonsOfLiverpool:
am not a landlord lmao.

However, you are right about the greed factor but remember greed is not a crime under law.

The fact that government has neglected their supervisory obligation in the housing sector cannot be under estimated, this has made many people capatilize on the excess demand for these houses to exploiting prospective buyers.

Remember when the last hurricane took place in America, goods were sold 5 times their prices due to demand and supply relationship. The government stepped in and I really can't re call how it went about.

Greed is in every human, Potentially to a larger extent. But, you can agree, if there were enough housing to cater for the large number of people in Lagos, no amount of greed or government neglegience will hold the price up.

I quite agree. Like in Port Harcourt were I reside there are no clearly marked out housing/tenancy laws that are enforced.

The government has hardly done anything to alleviate the plight of the masses with regards to housing despite the exponential population growth.

The last government backed low-cost housing project executed in Rivers State was done almost 20 years ago while the ongoing public/private partnership housing project (Rainbow City) is going to be too elitist when completed, for a town with massive low income earners.

Aside that effective mortgage laws also need to be reviewed to stop this accommodation issue

talk2dboss:
Well my 3 months salary caters for my annual rent. But i usually advise that your 2 months salary at most should cater for your rent. But most times, i rely on outside jobs or runs to pay rent. Hope this help

Single = 2 months salary
Married = 1 month combined salary of couple

The above would guide you on rent threshold for your choice property.

2kurupt:


I quite agree. Like in Port Harcourt were I reside there are no clearly marked out housing/tenancy laws that are enforced.

The government has hardly done anything to alleviate the plight of the masses with regards to housing despite the exponential population growth.

The last government backed low-cost housing project executed in Rivers State was done almost 20 years ago while the ongoing public/private partnership housing project (Rainbow City) is going to be too elitist when completed, for a town with massive low income earners.

Aside that effective mortgage laws also need to be reviewed to stop this accommodation issue

I guess we are on the same page sir.

It's really nice talking with you. Would love to say much but am quite busy though.

Do follow back. Friends?

Mostly 25% of salary.

Salary per month 150k, rent per year 150k = 100%

dman4mdmoon:


That is how some of you fail rather than calm down and learn. I am sure the person that posted the question understands what I mean.

Just the same way you will like to show your teacher that you know more than him and try to correct everything he says. That has bn the reason for your constant low grades in school.

some peeps in abj are paying 600k rent and earning 80-150k per month

jamesbridget13:
About 116%


Earns 65 per month
Pays 75 for rent per annum

Sis, your calculation is wrong.
When we were doing elementary mathematics, we were told to bring all figures to a uniform unit of measurement before solving the problem. So u did not apply this order.
65k is in month while 75k is in year.

To make it uniform:
Salary: 65,000 x 12 = 780,000p.a
Rent: = 75,000p.a

If u check what percentage of 780,000 is 75,000, u will get about 8.35%

So u spends 8.35% of your annual salary for ur annual rent.

As a bachelor, my one month salary paid my rent, was living in a room and parlor self con. But as a married man with a wife and kid,now I use a month salary plus about 30% of another month's salary for my rent. Do d math.

Psoul:


Bros, your calculation is wrong.
When we were doing elementary mathematics, we were told to all figure to a uniform unit of measurement before solving the problem. So u did not apply this order.
65k is in month while 75k is in year.

To make it uniform:
Salary: 65,000 x 12 = 780,000p.a
Rent: = 75,000p.a

If u check what percentage of 780,000 is 75,000, u will get about 8.35%

So u spends 8.35% of your annual salary for ur annual rent.

oh I see. Thanks for putting me through. I appreciate. Never saw it that way

Psoul:


Just the same way you will like to show your teacher that you know more than him and try to correct everything he says. That has bn the reason for your constant low grades in school.

. Only a smart student does that. It is not about knowing better than the teacher, it is about not being taught the wrong thing. Talking about low grades in school, it was alien to me.

jamesbridget13:
oh I see. Thanks for putting me through. I appreciate. Never saw it that way

You are welcome dear. Be blessed.