Residents in Lagos, Nigeria’s economic capital are lamenting the huge rise in the cost of accomodation in the last three years, highlighting the growing disparity between the cost of living and the earning capabilities of residents.
One of the residents who spoke with Blueprint, Yinka Adeagbo lamented the steep rent hike he had faced in the last four years.
According to him, when he moved into Abesan Estate in Alimosho area of Lagos in 2021, the rent for a 3-bedroom flat was just N250,000, now the rent for the same apartment is between N750,000 and N800,000.
“The estate was built by the administration of late Lateef Jakande about 41 years ago,” he added.
Another resident who stays in Ikeja revealed that his 2-bedroom jumped from N400,000 in 2022 to N1.1 million in 2024, a more than hundred percent hike in less than two years.
“I was completely shocked. I couldn’t believe how the rent had just shot up so much in just a few years,” he explained.
Sunnyside, a logistic worker said his house rent for a 3-bedroom flat was increased from N350,000 per annum in 2022 to N800,000 in 2024 while his monthly income has remained the same in the last four years.
He expressed concerns that his salary hasn’t increased significantly in the past, while his house rent has risen by more than hundred percent in the same period.
