Nigeria’s rental market is spiralling, with two-bedroom apartments averaging N2.5m annually, far above rates of just a few years ago. From N250,000 flats in Benin to N20m luxury units in Lagos, tenants nationwide face surging rents that are deepening an affordability crisis and squeezing millions of households, writes JOSEPHINE OGUNDEJI
The Nigerian housing market is facing one of its toughest periods in recent history, as the median rent for a two-bedroom apartment in many parts of the country has climbed to about N2.5m annually, according to findings by The PUNCH.
This figure represents a sharp rise compared to what was obtainable a few years ago and highlights the deepening affordability crisis confronting millions of Nigerians. From Lagos to Kano and Ibadan to Port Harcourt, tenants are feeling the squeeze of rapidly escalating rents.
While N2.5m serves as a national benchmark, the reality is that rents vary wildly across cities and neighbourhoods ranging from as low as N250,000 in some inner parts of Benin City to as high as N20m in Lagos’s luxury districts, according to data gathered from industry players in these various locations.
Source- punch news
