Rental Prices in Southeast Nigeria Surge, Tenants Raise Alarm

The increase in home rents is overwhelming residents of the Southeast region of Nigeria; many have called the situation oppressive and oppressive.

Tenants in both big cities and small towns claim that the constant increase in rent is making them desperate and financially stressed.

Tenants in major cities like Enugu, Awka, Onitsha, Umuahia, Aba, and others are complaining about the steep rise in annual rent prices. Some landlords are now requesting up to two or three years’ rent in advance.

Previously costing between ₦450,000 and ₦800,000 a year, a three-bedroom apartment in Awka, the capital of Anambra State, can now cost up to ₦1.5 million in some areas.

Residents of Enugu and Abia States report similar trends, with a two-bedroom apartment that used to cost ₦300,000 now selling for over ₦700,000.

The typical salary earner can no longer afford the rent. You can either move back to your father’s compound or get a house in a far-off village,” Onitsha teacher Chinyere Ndukwe stated.

Tenants claim that the rent increases are capricious and frequently exploitative, while landlords and real estate brokers blame the increase on inflation, the cost of building materials, and the overall economic slump.

Inflation is no longer the issue. Some landlords are simply avaricious. Another Umuahia renter grumbled, “They raise the rent every year, but they don’t improve anything or renovate the houses.”

Additionally, agents have faced criticism for inflating rates and collecting exorbitant commissions and legal fees, which can sometimes match or surpass the rent.

Many families are currently struggling financially due to high unemployment, stagnating income, and rising housing costs. Among those most impacted are traders, artists, students, and civil servants.

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The Southeast area of Nigeria is a major contributor to the country’s housing shortfall, which is estimated to be around 28 million units, according to real estate specialists.

Due to a lack of reasonably priced housing, demand has remained high, resulting in a seller’s market that significantly benefits landlords.

In response, some state governments have started implementing measures to restrict rent, especially in Enugu. A bill that would control rent increases and shield renters from evictions without warning is presently being considered by the state assembly.

In order to stop the problem, the Real Estate Developers Association of Nigeria (REDAN) has also demanded immediate reforms. The group is pushing for increased investment in affordable homes, tax breaks for developers, and subsidized building supplies.

According to many Southeast residents, the agony of soaring rents won’t go away anytime soon until state governments, through their multiple Houses of Assembly, take significant and thoughtful action. They are currently stuck with few options and increasing pressure, hoping that quick and long-lasting solutions will lighten their load.