Rising rents driven by the country’s economic downturn are pushing Lagos residents further out of the city, with many families facing tough choices. As inflation soars, landlords are raising rents sharply, making housing increasingly unaffordable for both middle-class and low-income tenants.
Yemisi Odusanya, a cookbook author and food blogger, recently faced a staggering 120% rent hike in Lekki, adding strain to her family of seven. “I’m planning to pack out,” she said, unable to secure a better deal elsewhere.
Meanwhile, transportation worker Bartholomew Idowu saw his rent increase by 28%, from 350,000 naira to 450,000 naira. “I don’t know where I’ll move,” he said, reflecting the uncertainty facing many renters. This has been compounded by the challenges of a sluggish economy, with inflation peaking at 24.48% in January.
The crisis is not limited to lower-income neighborhoods. Personal trainer Jimoh Saheed, who had to leave his Ikoyi apartment after a rent hike pushed his rent to 2.5 million naira, now faces longer commutes and higher school fees for his children. “This is affecting me emotionally, mentally, and physically,” Saheed said.
While laws require rent hikes to be negotiated, enforcement remains weak, with an increasing number of disputes between tenants and landlords.
Analysts warn that the government’s economic reforms, including the devaluation of the naira and the fuel subsidy removal, are further deepening the housing crisis.
As high interest rates block many from accessing mortgages, the housing market remains skewed toward high-end properties, leaving many to struggle with skyrocketing rents.