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Rent Crisis: How Soaring Prices Are Affecting Nigerians
Posted
March 27, 2025
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March 27, 2025
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9:02Now PlayingAs Nigerians struggle to adjust to the harsh economic realities, realtors, landlords and agents have been accused of exploiting the high demand for housing, prompting concerns about regulations and tenancy laws in Nigeria.
Tenants have witnessed as high as 300% increment in rents, pushing Nigerians into undesirable living conditions.
In Lagos for instance, rents for newly constructed one-bedroom apartments in prime locations like Victoria Island, Lekki, and Ikeja GRA now range from ₦1.5 million to ₦3.5 million annually, a staggering increase from ₦600,000 to ₦1.2 million earlier in 2024.
In this story, Gist Nigeria's Ayuba Iliya examines the impact of rising rent on the cost of living of dwellers in Nigeria and why a national regulation might need to be put in place to protect them from exploitative trends of property owners.
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