Residents Lament Skyrocketing House Rent in Abeokuta

Abeokuta, Ogun State – Residents of Abeokuta, the capital city of Ogun State, are groaning under the weight of increasing house rent, which has made accommodation unbearable for many.

The situation has been attributed to various factors, including landlords’ preference for tenants with questionable sources of income, economic challenges in the country, and the proximity of Lagos to Abeokuta.

According to findings, the rent for a one-bedroom apartment in a decent neighborhood has increased from N150,000 to N300,000 per annum, while a three-bedroom apartment now costs between N500,000 to N1,000,000 per annum. In some highbrow areas, a five-bedroom duplex can cost as much as N2 million to N4 million per annum.

Some residents, who spoke to our correspondent, lamented that landlords are now prioritizing “Yahoo guys” (internet fraudsters) and those with questionable sources of income, who can pay higher rents, over law-abiding citizens.

“I have lived in Abeokuta all my life, but recent increase has made it impossible for me to afford a decent place to live in”, said Mr. Jolaoso, a civil servant.

“I am forced to share a small apartment with colleagues, which is uncomfortable and affects my productivity”, said Bimpe, a student.

“The situation is becoming unbearable. I have been searching for a new apartment for months, but landlords are only interested in tenants who can pay exorbitant rents”, said Mrs. Funke, a business woman.

Mr. Adebayo, a small business owner, added, “It’s frustrating. I’m a responsible citizen who just wants a place to call home, but landlords are more interested in making quick money from those with questionable sources of income.”

Other causes of the skyrocketing house rent in Abeokuta include the economic challenges facing Nigeria, which has led to a decline in purchasing power, and the proximity of Lagos to Abeokuta, which has attracted many individuals seeking more affordable accommodation options.

An Economic Expert, Dr. Simon Ipadeola, has called on the government to address the root causes of the housing crisis, including the economic downturn and limited housing supply, to find a lasting solution.

“The housing crisis in Abeokuta is a symptom of broader economic and social issues and it is imperative to address the root causes, such as the economic downturn and limited housing supply”, said Dr. Ipadeola.