The cost of renting homes in Lagos continues to rise, leaving many residents struggling and calling for government intervention.
Damilola Adebayo’s 71-year-old father recently relocated after his former landlord sold the house he was renting. In Lagos’ Agege area, he paid N260,000 for a single room—without basic self-contained facilities. Adebayo contributed N120,000 to secure the space despite living in Ibafo, Ogun State, while working in Ikeja.
He shared how two of his friends are also struggling to raise N370,000 for a single room, accusing landlords of exploiting tenants despite the high cost of construction and maintenance.
Last week, on-air personality Gbemi O.O drew attention to the rent crisis with a post on X, which received 2.4 million views. Her post sparked reactions from frustrated tenants, including @demolarashid, who faced a 400% rent increase, and @AdeyefAbiola, whose landlord doubled his rent.
Calls for Rent Regulation Grow
Yetunde, a tenant in Ikeja, revealed that her rent rose from N700,000 to N900,000, a 29% increase, despite no improvements to the property. She urged the government to regulate rent, ensuring tenants aren’t at landlords’ mercy.
Joshua, another tenant, echoed similar concerns, criticizing the growing demand by landlords for two years’ rent upfront. Faith, who commutes from Ogba to Ikeja, also called for government intervention through rent control policies.
Landlords Cite High Building Costs
Landlords attribute rent hikes to rising construction expenses. Adeniyi Adenekan explained that the price of cement rose from N4,000 to nearly N10,000, alongside increasing government levies. Although he hasn’t raised rents in three years, he understands why others have, noting some landlords depend solely on rental income.
Suraj Ogundijo also pointed to inflation and soaring material costs as key drivers of rent increases.
Real Estate Agents Blame Economic Conditions
Chief Dozie Ebikam, Vice Chairman of APICAN, Ogba Branch, noted that property prices surged following fuel subsidy removal. He revealed that a three-bedroom flat in an estate that cost under N1 million in 2022 now exceeds N3 million.
Ebikam dismissed claims that agents cause rent inflation, asserting they only benefit when people can afford to rent. He supported rent regulation to ensure fairness between old and new properties.
Monthly Rent System Considered
Lagos State Governor Babajide Sanwo-Olu proposed a monthly rent system in 2021 to ease tenants’ financial burdens. Special Adviser on Housing, Barakat Odunuga-Bakare, confirmed plans to implement the scheme by early 2025, starting with the public sector.
Ebikam welcomed the policy, citing similar practices in developed countries, which ease financial strain and promote better money management. However, landlords like Adenekan and Ogundijo opposed the move, warning that it might worsen financial pressure on tenants.
Housing Deficit Worsens Rental Market
Lagos’ rent crisis is exacerbated by a housing deficit exceeding three million units. A 2024 report by BuyLetLive revealed that 98.5% of Lagos residents live in rented apartments. The report also highlighted that areas like Yaba, Surulere, and Gbagada are in high demand but lack sufficient housing to meet rising needs.
With inflation, fluctuating exchange rates, and surging building costs, rental prices continue to climb, deepening concerns among tenants.
Efforts to reach Lagos State officials for comments were unsuccessful at the time of this report.
Source: WHISTLER
