House Rents in Lagos Double in Price as Room-self Now Goes For Over N250,000

• Since the lockdown was lifted following the COVID-19 pandemic, house rent in Lagos State has skyrocketed in the mainland areas
• Rents for apartments in mainland areas have doubled compared to their price before the pandemic hit the country in March last year
• The rich were blamed for the rising cost of house rents, while costly raw materials for buildings were also cited as reasons for the new price

Since the COVID-19 induced lockdown, cost of residential apartments has gone up in mainland areas of Lagos State, a region in Nigeria with over 2.5 million house deficit.

As residents readjust to the influence of pandemic and lockdown on cost of living and purchasing power, house hunting has experienced a dramatic change in price as its relate to apartment type.

In some selected cities across Lagos mainland, Legit.ng gathered that rent for residential apartments now go for almost double of what it used to be prior to COVID-19 outbreak.

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House rent going through the roof

In Ogba, Oke-Ira and College Road in Ifako-Ijaiye local government, Realtors said standard room-self with suitable and easily accessible environment goes for N250,000 to N300,000 (previously N150,000 to N200,000).

Mini-flat is rented out for N400,000 to N500,000 (Previously N280,000 to N350,000). Three bedroom apartments are rented out for N600,000 to N700,000 - all aside from agreement and commission.

In Allen and Ikeja, these same property-type goes for almost the same cost range or more.

Reasons for the high cost of rented apartments

Change in location among upper class population pushed prices up, especially in the mainland, as they move from costly gated community to non-estate areas.

During a survey in the real estate market, it was gathered that high income earners are taking up shelters in communities that use to be dominated by low and middle income earners.

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As the affluent move to these areas and find the same type of costly apartment they use to reside in estate community for less price, they pay without pricing, Realtor, Prince Prince said.

These migration among the upper class influenced property owners to push their rent up. Also, cost of housing materials have jumped up according to Femi Olarenwaju, another Realtor.

House agents defrauding house seekers in Lagos

In a related report, Legit.ng had previously published how some realtors were scamming unsuspecting individuals looking for house in Lagos State.

A resident said he was defrauded with over N100,000 by the house agent that got him the apartment he's living in, while some were given an apartment that has already been rented out to others.

Some residents were also told to buy forms of a property, this is aside the agent's service charge.

Source: Legit.ng