Many people in the Southeast region of Nigeria are feeling overburdened by the skyrocketing cost of housing, which they describe as oppressive and oppressive.
Tenants claim the constant increase in rent rates is making them desperate and financially stressed, whether they live in large cities or smaller communities.
Tenants in Enugu, Awka, Onitsha, Umuahia, Aba, and other major cities are complaining about the steep rise in annual rent prices, with some landlords now requesting up to two or three years’ rent in advance.
Once 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 places.
A two-bedroom apartment that used to cost ₦300,000 now fetches over ₦700,000, according to locals in Enugu and Abia States.
An ordinary salary person can no longer afford the rent. Getting a house in a far-off hamlet or simply returning to your father’s compound are your options, according to Onitsha instructor Chinyere Ndukwe.
Tenants contend that the increases are capricious and frequently predatory, while landlords and real estate brokers have blamed the sharp rise in rent on inflation, the cost of building materials, and the overall economic slump.
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It’s not about inflation anymore. Landlords can be avaricious. An further Umuahia tenant grumbled, “They raise the rent every year, but they don’t improve anything or renovate the houses.”
It has also been criticized that agents inflate prices and charge exorbitant commissions and legal fees, which can sometimes match or surpass the rent.
A lot of families are currently struggling financially due to high unemployment, stagnating income, and rising housing costs. Affected individuals include traders, artisans, students, and civil servants.
Real estate specialists estimate that the Southeast area of Nigeria is a major contributor to the country’s housing shortfall, which stands at around 28 million units.
Due to the low supply of reasonably priced homes, demand has remained high, resulting in a seller’s market that significantly benefits landlords.
Some state governments have started to implement rent control measures in response, especially Enugu. At the moment, the state assembly is debating a law that would limit rent increases and shield renters from evictions.
Additionally, in order to stop the problem, the Real Estate Developers Association of Nigeria (REDAN) has urged for immediate reforms. The association is promoting increased investment in affordable housing, tax breaks for developers, and subsidized building supplies.
Many Southeasters believe that the agony of rapidly rising rents won’t be alleviated very soon until state governments, through their separate Houses of Assembly, take significant and thoughtful action. For the time being, they are trapped with few choices and growing stress, hoping for quick and long-lasting answers to lighten their load.
