Lagos Rent Don Jump Pass 80% As Tenants Dey Suffer Housing Shortage

Plenty Lagos residents don dey groan as rent don sharply waka, wit some apartments dey increase up to 80% plus inside one year. For Mushin Olosha, Abosede Sanya see her two-bedroom flat rent jump 87.5%, from N800,000 reach N1.5 million per year. Even wit 20% rise for her income, di new rate don strain her budget. She talk say she gree stay because other apartments dey charge almost di same, and if she wan move, extra costs like agency fee, lease agreements, plus property wahala go too much. Di same wahala dey Ogba, Ikorodu, and Igbogbo, as tenants dey face heavy rent hikes with few options. For Akute, Michael Gbenga rent don jump 103% from N320,000 to N650,000 inside two years, but e talk say e no go move because other houses dey scarce or overpriced. Even for Abuja and Port Harcourt, people dey feel di heat as rents dey double or even reach N2 million depending on house condition.

Di main reason for di rent wahala na say housing demand don pass supply, Lagos population don grow to 24 million by 2025 but formal rental households never move pass 1.38 million. Lagos need over 227,576 new homes every year but actual delivery dey far from dat. Nationally, Minister of Housing talk say Nigeria need 550,000 new houses yearly, costing N5.5 trillion per year for di next 10 years. Economic pressure plus maintenance cost dey push landlords to raise rent. Lagos Tenancy Law dey try protect tenants, but many never sabi di rights and enforcement dey weak. House of Representatives wan cap rent hike to 20%, and Lagos Assembly dey push awareness, but wit housing tight and economic wahala, plenty tenants still dey suffer di deep housing crisis as landlords dey adjust rent to match inflation and market rates.