Arico Homes and Properties Limited, a real estate company in Bauchi, has expressed concern over the high cost of house rents in the state, particularly in the GRA area.
In an open letter to landlords, shared via its Facebook handle, the company highlighted that the escalating rents have become a financial burden for many residents.
The company acknowledged the rising costs of building materials and property maintenance but emphasized the need for landlords to consider the economic reality in Bauchi, where the majority of the population relies on salary-based income and economic activities remain limited.
“We urge landlords to set rent prices that align with the local economic conditions, taking into account maintenance costs, property taxes, and the disposable income of residents,” Arico Homes stated. The company noted that the current rent levels, especially in the GRA area, are unsustainable and have exacerbated the shortage of affordable housing.
To address this growing housing deficit, Arico Homes called on investors to explore opportunities in the state, noting that affordable housing development would not only help reduce the rent burden but also stimulate economic growth and improve living standards. The company hopes that landlords and investors will take these concerns seriously and adjust rent prices to reflect the economic realities of the region.
