Lagos Residents Demand Urgent Control of Soaring Rents

Residents across Lagos State are expressing deep concern over the escalating cost of housing, which is consuming nearly 50-70% of their annual income, significantly above the global recommended threshold of 30%. Interviews reveal that individuals like Rasaq Adebanjo and Peter struggle to find affordable accommodation, with rents increasing automatically every three years.

For instance, a single room in Ketu has seen a rise from N800,000 to N900,000. Ayodel Adio, an aspirant for the Lagos State House of Assembly, highlights that many residents are forced to spend a substantial portion of their income on rent and transport, leaving little for savings.

The Nigerian Bureau of Statistics reports that inflation is a contributing factor, with landlords proposing rent increases based on official inflation rates. Adio advocates for stricter regulations on rent increases and the construction of at least 20,000 housing units annually to alleviate market pressure.

Efforts to reach Lagos State Commission spokesperson Gbenga Omotoso for comments were unsuccessful.