The cost of accommodation has been steadily climbing, creating a financial burden for many individuals and families. In recent years, rent prices have skyrocketed, especially in urban areas.
For a standard two-bedroom apartment with modern amenities, the average rent now stands at around ₦1 million, a significant increase from previous years.
To make matters worse, house agents, agreements, and caution fees have also doubled, adding to the strain on tenants. What used to be manageable extra costs have now ballooned, with house agents charging as much as ₦200,000 for their services.
Additionally, agreements and caution fees, which are typically one-off payments, have both reached ₦200,000 each, bringing the total cost to secure a standard two-bedroom apartment to nearly ₦1.6 million.
This trend is making it increasingly difficult for average-income earners to afford decent housing.
The ripple effect of these rising costs is that people are forced to downsize, move to less desirable locations, or even share accommodations just to make ends meet. The issue demands urgent attention from policymakers to regulate rent and associated fees, ensuring that decent housing remains accessible for all.
