The real estate market has become one of the fastest-growing industries in Nigeria at the moment. With a lot of companies emerging everyday in the industry we see an incredible growth in the figures real estate companies and private investors make from real estate investments.
But in spite of all the money being pumped into real estate investment the records from census conduct in Nigeria 2006 there was an estimate of about 17 million housing deficit in the country.
This is as a result of large rural urban migration based of industrialization, education, just to mention a few things because of the rate of this migration we find those who possess real estate properties rushing construction process which has lead to many casualties over the years.
You find in a place like lagos Nigeria that the population keeps increasing day after day whereas the land expanse of the same Lagos hasn't increased.
So most times you find that people start squatting with friends of relatives and this has made it complicated for house owners to give most tenants their apartments because they sometimes say they don't want squatters in their buildings.
Recently my sister was to move from where she lived before to a new place and in the process of finding a place there was this land lord that said he didn't want a lady who was single to stay in his apartment.
Well as a student most of the hostels or houses around here are controlled by agents who make it easier for people to get hostels but with extra changes.
I remember getting the place I currently am in now without an agent due to the fact the a friend's friend was the one who moved out, so it was easy to make payments to the caretakers directly.
Unlike another neighbor who managed to get the same hostel with the services of an agent, he had to pay an addition of over half of what the rent currently is.
The predominant factor here is no longer the landlord but the housing agents because they are practically the ones calling the shots. It's funny how most of the landlords now take themselves out of the picture because they figure out that leaving the houses under the care of these agents fetches them more money.
So basically you find that a house that is supposed to list for 120 thousand naira is now 200 thousand. Of course the landlord takes his rental money and then shares the other with the agent. No, this is excluding the inspection fees, which they charge before allowing you to inspect the house.
The major reason why this happens is the fact that there are no regulatory bodies put in place to make sure housing becomes affordable. You go to some places and find luxury homes with doors shot simply because the people cannot afford the rent of those buildings.
The government can decide to come up with regulatory policies and agencies that regulate the housing culture, and those who don't comply can now be dealt with.
As a tenant, to make sure the environment is conducive, I would ask questions about the terms and conditions under which a tenant can enjoy their stay, and once I am able to come to terms with the rules, then I am okay; if not, we move.