All-Time High for Rent Prices

Young Nigerians are realising that the dream of renting a home is a slippery slope because of huge upfront costs. These fees are often as high as 120% of the yearly rent, pushing many into tough financial choices or staying with their parents. Renting a Home in Nigeria is 👀<ul><li>Annual Rent: ₦2,000,000</li><li>Caution Fee: ₦500,000</li><li>Legal Fee: ₦200,000 (10% of rent)</li><li>Agency Fee: ₦200,000 (10% of rent)</li><li>Service Charge: ₦1,000,000</li><li>Inspection Fee: ₦15,000</li></ul> Total Amount Payable: Approximately ₦3,900,000 This means the renter pays nearly ₦1,900,000 in additional fees in addition to the rent—95% of the annual rent. <img alt="screenshots of posts on social media" src="/media/inline_insight_image/1740091350428.png"/> When the Numbers Don't Add Up: With a minimum wage of just ₦70,000 per month, the financial pressure is enormous! Most young Nigerians are forced to relocate up to 60 kilometres from their workplace to find more "affordable housing." This makes the daily commute to work physically and emotionally dangerous and severely impacts their quality of life. According to financial experts, if your rent exceeds 30% of your income, you are considered "rent-burdened." Given these statistics, many Nigerians are one financial emergency away from homelessness. <img alt="screenshots of posts on Twitter" src="/media/inline_insight_image/1740154558850.png"/> The situation becomes even more frustrating considering many of these fees are questionable. For instance, legal and agency fees make up 20% of the annual rent for basic administrative tasks. Challenges on the supply side: Landlords often justify higher rents by citing increased construction costs and inflation. Meanwhile, the FCCPC (Federal Competition & Consumer Protection Commission) has not actively protected and promoted consumer rights, allowing shackled cultures to persist in the renting space. For instance, Landlords demanding two years' rent upfront, labelling male remote workers as fraudsters, or stigmatising women seeking decent housing by associating them with prostitution or "hook-ups." At Propslot we’ve established a Standard Operating Procedure for tenancy onboarding that eliminates the discrimination young people often face when renting a home. The Flip Side ↘️ So, when an occupier decides to move out of their current home for another, it becomes a laborious task due to moving costs. Landlords take advantage of the high cost associated with house hunting by increasing their tenants' rent. Like Neo in the Matrix movie, young Nigerians are left with the choice of taking the red or the blue pill.<img alt="" src="/media/inline_insight_image/1740154508520.png"/>Red pill: pay your current landlord with a rent increase of 100% Blue pill: go through the stress of finding a new home, paying inspection fees, caution fees, service charges and the waste of time. Many times, occupiers will go with the red pill. What pill will you take?

Referral Earning

Points-to-Coupons