Lagos Residents Cry Out as Soaring Rents Consume Up to 70% of Their Income
- Residents across Lagos State say rising house rents consume between 50-70% of their income, leaving many unable to save or meet basic needs
- Several tenants shared experiences of sharp rent increases, unaffordable agent fees, and being forced to relocate or squat due to high housing costs
- Some residents have proposed several strategies to address this crisis, including capping fees and increasing housing supply
Residents in different parts of Lagos State say the rising cost of renting homes has become overwhelming and are calling on the government to step in before the situation turns into a full-blown housing crisis.
In separate interviews with Punch, many people said rent now takes up almost half—or even more—of their yearly income.
Source: UGC
A 2023 report on Nigeria’s housing market found that households spend between 50 and 70% of their income on rent.
This is far above the global recommendation of 30% and shows deeper problems in the housing system rather than a short-term increase.
Rasaq Adebanjo, who lives in Ogba, said rent in Lagos has become unbearable. He said:
“Some landlords even state that rent increases automatically after three years. And that’s if you can find one you can conveniently pay for without it consuming your entire yearly income. It’s really hard.”
He added that finding a house that does not swallow most of one’s income is now very difficult.
A recent graduate, Peter, said he now stays with a relative in Ogun State because he cannot afford rent in Lagos. He added that transportation costs are also high and wondered how others manage to cope.
Damola Hafiz, a banker in Obalende, said his landlord increased his rent for a single room in Ketu from N800,000 to N900,000 within a year.
Damola said:
“When I said I couldn’t afford it, he asked me to move out. After seeing the reality during house-hunting, I had to return to beg him. It’s very hard these days.”
Another tenant in Ikeja, Moses, said the high cost of living has made it nearly impossible to save. He explained that even someone earning N300,000 monthly may end the year with little or no savings after paying for food, rent, and transport.
Calls for Reform and Government Action
Ayodele Adio, an aspirant for the Lagos State House of Assembly in Eti-Osa, described the situation as a serious rent crisis. He said many working residents now spend between 60 and 70% of their income on rent and transport combined, leaving little for other needs.
Referring to data from the National Bureau of Statistics, Adio suggested that rent increases should be linked strictly to the country’s official inflation rate. For example, if inflation is 10% in a given year, landlords should not raise rent by more than that amount, with small adjustments based on location.
He also promised to push for laws that would limit agency and legal fees to 5%, require at least 12 months’ notice before any rent increase, and restrict rent hikes to once every three years.
However, he stressed that the main problem is the shortage of housing. He proposed building or supporting the construction of at least 20,000 housing units each year over the next decade.
He said:
“Reducing rent burdens, improving transportation, and strengthening public services will free up income for households, stimulate businesses, and promote economic growth."
He also urged reforms in the mortgage system to help working-class residents access affordable long-term loans.
He said reducing rent pressure and improving transport and public services would allow families to save more, support businesses, and boost economic growth.
Source: Legit.ng
