24/10/2025
INCESSANT RENT HIKE ... OUR COLLECTIVE RESPONSIBILITY
Some People keep saying that agents or Some agents are the reason for the rent hike. Anyways, I'm not doubting that because some of you are judging based on your personal experiences with some agents.
Meanwhile, Let me remind some of you that are complaining that years ago House rent were not these high and would not have been this high if not for some of your brothers, cousins, nephews and relatives Who ventured into an online or E-fr (YAHOO BOYS) are the causes of rent hike in this country.
First Example: A boy of 23yrs who just cash out is looking for a MODERN VIRGIN STANDARD 1 BEDROOM FLAT WITH POP CEILING, WATER HEATER, WARDROBE AND KITCHEN CABINETS. And you asked him what's your budget like? He said senior man just show me what I like and I'll pay.
You embark on inspection, show him the first house, he complains, took him to another house...he complains of being far away from the Tarred Road. Took him to the third place he likes it (Maybe the house is at a finishing level) and the landlord states that he wants to finish the house before collecting money but because the boy is on funds, he will ask Sir how much is your house? The land will respond 1 MILLION NAIRA.
NOTE: The Landlord might not be serious with said the rent, probably he wants the boy to leave so that he can finish his house in peace. But the turns to offer the landlord the said 1M rent for two year (2M) just to get the apartment. Now do you think the said landlord will give out the remaining units of the apartments for a lesser amount? No! Because he (the landlord) now feels the house is worth that amount.
Furthermore, TENANTS also contribute to these incessant hikes. The question is HOW?
Before now there was nothing like
✅LEGAL FEE
✅REFUNDABLE CAUTION DEPOSIT and
✅SERVICE CHARGES
These fees or Charges are applicable as a result of tenants poor living/property management that they live in.
✅LEGAL FEE: Reasons why a lot of properties are managed by Law firm or Estate Valuers are because easy ejection and prompt rent renewal. A lot of tenants will refuse to pay their rent and still be possession of someone's property.
✅REFUNDABLE CAUTION DEPOSIT: These are charged to checkmate poor living habits of the tenants. We witnessed situations where a tenant moved out of an apartment and the level damages done will require the landlord to put in some huge amount of money to fix that apartment for the next tenant who's going to take Over.
✅SERVICE CHARGES: Some tenants have a very poor living habits like I stated above...they can't or refused to clean up their environment or dispose their resuse. The landlord will now impose a fee that he will hire a cleaner to clean up the compound, possibly pump water and do other menial jobs in the compound.
Again, I've had or been in situations where I had to solicit for My clients and the greedy landlord will ask you, are you the one that need the house? I'll respond no Sir/Ma but this is my client and it's My duty to protect his /her interest and make him/her comfortable.
Then the landlord will Call me AGENT! I'll respond sir! " Do you know the cost of building materials in the market? Are you aware of how expensive they are"? Me but Sir do you intend to recoup the building cost in just a year? Houses are Assets Sir. You see this house? I'm not feeding it so if your client can't afford it, another person is coming that will pay for it.
In Conclusion, some agents( B*d Eggs) have limitations to which they can influence House in rent and increment.
Personally, where I am living currently, rent have been increased 3 times in a space of 2yrs.
Yes I mean 3 times in a Space of 2yrs.
From 170k to 200k in January 2024, from 200k to 250k in 2025 and From 250k to 300k.
So Some House owners are naturally greedy .
