Northern Regions have More Landlords in the Country as over 26 Million Nigerians Live in Rented Apartments

Northern Regions have More Landlords in the Country as over 26 Million Nigerians Live in Rented Apartments

  • A report has revealed that the Northern region in the country has higher percentage of landlords for their homes compared to the South
  • The 10-year trend data also showed that in the last five years more and more Nigerians are living in rented apartment
  • If the trend of the rising number of young adults still living with parents is accounted for, the 26 million reported to be living on rented apartment will be far higher

A new report has revealed that the Northern regions have more landlords than the Southern regions.

This revelation was made in report titled Nigeria’s Post-Oil Economy Advisory Note by Dataphyte.

The report which based on data from the National Bureau of Statistics (NBS), revealed that the problem of homeownership in the country is more in the SouthWest and South-South regions.

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North Regions has More Landlords in the Country as Over 26 Million Nigerians Live on Rented Apartments
Snapshot of homeownership rate Credit: Dataphyte
Source: Facebook

Homeownership breakdown in Nigeria by region

According to the report, just 25.5 percent of Nigerians residing in the South West can claim to be landlords in 2019, whereas the South South area has a home rate of 46.2 percent.

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In the North-Central, North-East, and North-West regions, homeownership rates are 69.4 percent, 78.7 percent, and 88.1 percent, respectively.

The report also showed that only 35.7 percent of Nigerians residing in urban areas own their homes down from the 2016 level of 48.1 percent.

Rented apartment

The report further highlighted that in 2019, there were higher occurrences of home rentals in both the South West (35 %) and South-South (24 %) than in the North East, North West, and North Central.

While rented homes are also significantly more common in urban areas (36%) than in rural (5 %).

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Authorized use of homes

Authorized use of homes without charge is also a relatively common occurrence in the South, with 26.2 and 16 percent of the sample occupying free authorized homes in the South West and the South-South, respectively.

This phenomenon is also more common in the urban areas (17.4 %) than in the rural areas (12.6%).

The report cautioned that with Nigeria’s demographic structure, the problem could become even bigger and the implication on the social sector could be telling.

It added:

"If the rising number of young adults still living with parents is accounted for and they are counted as renters rather than being in a home-owning household, then the ownership rate in Nigeria would be even lower."

Types of houses in Nigeria

The report also showed that about 40.9% of residents live in mud houses. 54.2% and 2% of households in Nigeria live in buildings built with concrete/cement blocks and burnt bricks, respectively

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North Regions has More Landlords in the Country as Over 26 Million Nigerians Live on Rented Apartments
Structure of homes in Nigeria Credit: Dataphyte
Source: Facebook

Expert speaks

Speaking on the data the Chief Executive Officer of real estate development firm, Octo5 Holdings Limited, Babajide Odusolu explained Nigeria has one of the worst homeownership rate.

He noted that in fact, those living in rented apart in urban cities were in substandard homes.

He said:

“Even with several recent laudable initiatives such as the Nigerian Mortgage Refinance Company and Family Homes Funds by the Federal Government and initiatives such as LagosHOMS, the challenge remains unabated especially as there is a perennial mismatch between the desired homes and what are available for career professionals.”

Also, the Chief Executive Officer (CEO) of Aerofield Homes Limited, Mr. Armstrong Temitope Akintunde noted that poor income, high cost of land and building materials, population explosion are some of the reasons why people’s quest for home ownership may not be easily realised.

In his words:

“There is no doubt that the housing deficit in the country is increasing on a daily basis as the human population also increases, as the entire population of Nigeria is now crossing the 200 million mark. The people’s quest for home ownership may not be easily realiseable.”

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He however called on government at all levels to do all they can to work with accredited real estate developers to reduce the number of housing deficits in the country.

He solved mother's rent issues

In similar news, another man gave his mother joy after she complained about the issue she was having with paying rent.

In a post, the young man posed with his mom in front of a building, perhaps the one he just built for her.

While @SomtoSoocial called the achievement little wins, many disagreed, saying any house is a huge achievement.

Source: Legit.ng

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