The proliferation of short-let apartments in Lagos is the primary driver behind the recent surge in rental prices, which is spreading rapidly like a virus throughout the city.
Unfortunately, residents who are unable to afford the exorbitant rents are relocating to Ogun State and to the east , as the rental hike is unsustainable and exceeds the means of many individuals, given that income levels have not increased commensurately with the rent hike.
Historically, properties in Lagos were considered a stable investment, a store of value providing a reliable source of annual income and a valuable asset that could be liquidated in times of financial need.
However, the emergence of the short-let apartments culture has altered this paradigm.
Landlords have discovered that they can generate daily and monthly income by converting their properties into short-let apartments, rather than waiting for a full year to realize a return on their investment.
This has led to a surge in landlords seeking to capitalize on this trend, with residents ultimately bearing the brunt of the consequences.
A landlord in my neighborhood recently served his tenants with eviction notices, despite the fact that they were not owing him.
His intention was to convert his property into a short-let apartment, enabling him to join the ranks of other landlords who are profiting from this lucrative venture.
However, since making the conversion, he has not received a single booking, as the short-let apartments market is currently experiencing a downturn due to oversaturation.
The proliferation of short-let apartments has led to a surplus of options targeting a dwindling demographic, resulting in a dearth of patrons.
The landlord is now lamenting the lack of interest in his property, but what about the tenants he displaced?
Many of them are still struggling to find affordable accommodation, as the available options are overpriced and unaffordable.
Landlords in Lagos who are reluctant to participate in the short-let craze are instead increasing the prices of their properties, exacerbating the existing housing shortage in the city.
This raises questions about the rationale behind the exorbitant prices being charged for properties in Lagos.
For instance, why are people paying six million naira for a two-bedroom flat in Ago, Okota, when the property in question is often an older building constructed ten years ago when construction materials were more affordable?
This phenomenon defies logic and is disconnected from the prevailing economic realities in Lagos.
The government, which is supposed to provide support and regulation, appears to be neglecting its responsibilities, allowing landlords to exploit vulnerable citizens under the guise of increasing construction costs.
Even if the Lagos State Government is unable to intervene and regulate the activities of these exploitative landlords, they could invest in social housing projects that provide affordable options for citizens.
This would help to reduce rental prices overnight.
The late Jakande, a former governor of Lagos State, implemented a similar initiative, constructing numerous affordable social housing projects that are still occupied today
. Why can't the current governor, Sanwo-Olu, replicate this initiative?
Many young people are stranded, struggling to afford rent in Lagos, and the situation is becoming increasingly dire.
Imagine being forced to commute from Mowe to Victoria Island for work; it is an unsustainable and impractical situation.
It is no wonder that Nigerians are experiencing undue stress and premature death .
The burden is becoming overwhelming, and it is only a matter of time before the situation reaches a breaking point.
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