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High cost of rent worries Lagos residents

The skyrocketing cost of rent in Lagos has continued to worry residents most of whom are tenants. In fact, the just-ended 2022 witnessed a sharp…

The skyrocketing cost of rent in Lagos has continued to worry residents most of whom are tenants. In fact, the just-ended 2022 witnessed a sharp rise in rent in various nodes in the former capital city.

 Since 2020 when COVID-19 struck, many tenants have lamented the high cost of rent amidst inflation and declining purchasing power in the country.

 Investigations by Daily Trust revealed that rent  of a two-bedroom apartment in Lagos is between N1m and N2m, in what observers believe was an over 100 per cent increase in what was obtained in the pre-COVID era.

In Ojodu, Ikeja, Gbagada, Ilupeju, Yaba, Surulere, Oworonshoki, Magodo, Ogudu, and Agege on the Lagos Mainland, a two-bedroom apartment costs between N1.1m and N2m.

But on Lagos Island, down to Ikoyi, the same two-bedroom costs between N6m and N12m.

 It is only in areas such as Mushin, Ayobo, Iyana Ipaja, Ijaiye/Ojokoro, Ikorodu, Epe, among others, not regarded as key nodes that the average rent for a two-bedroom apartment goes for N350,000 to N700,000, depending on the accommodation type according to the popular property tech platform, nigeriapropertycentre.com.

Findings by our correspondent showed that the spiral effect of the increasing cost of rent in Lagos is now being felt in neighbouring communities in Ogun State occupied largely by Lagosians.

These areas include Ojodu-Abiodun, Akute, Yakoyo, Alagboye and along the Lagos-Ibadan expressway, Arepo, Ibafo, Magboro, among others.

 For instance, an average two-bedroom flat in Alagbole and Akute in Ogun State now costs between N800,000 and N1.2m for brand-new standard apartments.

 A real estate expert, Mr Taiwo Muili, blames the high cost of rent on increased demand and preference to live in highbrow areas.

Muili, who operates around Ojodu, said the cost of rent in the area is high because of the proximity of the area to Ikeja and the seamless connection to the Lagos-Ibadan expressway.

 “Here you see new houses competing with old houses because they offer the same benefits and advantages to the homeowners. Again when you look at the road network here, you can easily connect Ikeja, that is why you are having the same rate with what you will get in the Ikeja axis.

 “N1m not enough to get someone a very decent 2-bedroom flat from Ikeja down to Yaba is very criminal and God will punish everyone involved,” a lady recently tweeted with the handle, Osasbaby voicing out her frustration over the skyrocketing rent, adding, “I am so irritated. House that someone will still end up renovating is what you people are putting these ridiculous prices on.”

  Olamide Towobola said, “As of late last year, you will get a decent 2-bedroom for N800k-1m in Yaba but I am not sure you can get it for that price right now.”