…Can’t afford decent apartments as urban rent surges
…Say living in suburbs lowers their productivity, self-esteem
For many young professionals across Nigeria’s urban cities, the high cost of accommodation is a serious socio-economic concern.
These young men and women who are starting life find it difficult to afford a somewhat comfortable accommodation for themselves.
In today’s cities, a room self-contained apartment goes for about N1m to N1.5m per annum; while a 2-bedroom flat goes for between N2m and N2.5m.
Most of the youth in this group cannot afford the rent as their monthly salaries fall below N350, 000 a month. With the cost of living impacting negatively on the purchasing power, many of Nigeria’s young professionals are being pushed into the remote areas of the cities where accommodation is within their reach.
This, however, comes with its own hazards – it impacts on their productivity and self-esteem. It also impacts their ability to balance their work-life relationship.
According to a Risevest Cost of Living Report 2024, Nigerians on the average spend between 50 and 60 percent of their annual income on rent.
This figure also shows why young professionals struggle with renting a home in Nigeria. Other factors contributing to high cost of accommodation include rising inflation, stagnant wages, and the housing gap across many of Nigeria’s major cities, with tenants struggling to meet their yearly obligations.
With upfront payment requirements by landlords, poorly-maintained houses and regulated markets; renting has moved from being a mere routine activity for young professionals and has become a significant financial burden.
Another challenge that makes getting decent accommodation an uphill task across Nigeria is the demand for upfront payments of rent by landlords on the back of the trust deficit between property owners and home seekers.
Many of the landlords either demand for one to two years’ rent upfront, while home seekers earn their income on a monthly basis.
According to the Risevest Cost of Living Report 2024, Nigerians who live in suburban or remote areas often spend about 15 to 20 percent of their income on transportation.
The concern for many young professionals is also being exacerbated by the need to shoulder the responsibilities of having to pay rent for their parents.
“I pay my parents rent. They own the house, but all I get is a room. Nothing else is included. Should I just stop paying them,” a 22-year-old professional posted on social media, portraying the struggles of young professionals.
For many like him, family support is also another life-saving mechanism to look up to whenever it’s time for rent renewal.
Family support
“My sister helped me get the place and I was able to get some support too from my family and some friends,” Amaka, an Owerri-based lady, said.
Amaka, a single mother of two, waiting to be mobilised for the National Youth Service Corps (NYSC), said it would have been difficult coping with her rent and taking care of her sons.
“It wouldn’t have been easy for me o. I can’t stop thanking God for his grace. Na him dey run am; I for no know wetin to do,” she said.
Ayobami, a Public Relations (PR) professional, said the struggle with accommodation for young professionals in urban areas is a big issue. According to him, people feel the government needs to regulate house rent, because the government created the problem in the first place.
“The recent spike in rent is a ripple effect of inflation. Yes, agents are a big part of the problem, but landlords will also tell you they feed and maintain the house from the rent,” Ayobami said.
According to him, many of the young professionals also have to deal with a stagnant salary that is not commensurate with the inflation figures of the country.
“Now, a lot of young guys who are planning to start life find it difficult to pay the rent because most of them know that saving up for the first year is even the easiest part now. Renewing the rent is where the main issue is. Who knows what will happen within the next 12 months?”
Read also: Demand pressure hits suburbs as rent crisis in cities intensifieshigh cost of accommodation
Accommodation in choice areas
Victoria Ihentuge, a teacher based in Owerri, told BusinessDay that getting accommodation in any location of choice is usually a challenge for young professionals in the city.
She said that many professionals cannot be productive at work because they are too far from their place of work, which also makes work -life balance non-existence.
“How much is the person’s salary na? But in Nigeria here, employers will not give u the opportunity to work hourly as in foreign countries instead make u work for hours with little or nothing,” she said.
Ayotunde Poroye, a Lagos-based videographer, told BusinessDay that the accommodation woes faced by young professionals in Nigeria are endless and terrible. According to him, the rate at which house owners increase rent in city centres, has a direct correlation with the performance and productivity of the occupants.
Poroye said that there is a direct relationship between productivity and work-life balance that tends to slow down man hours young professionals commit to their jobs because of the need to protect and secure their family.
“The mental stress of having to move your family from one vicinity to the other; getting familiar with the new area, changing the socialization you are used to, starting to separate your children from the uncultured ones, getting a school that fits your taste and value, environmental factors too is included and so on,” Poroye said.
Ordeal of a young banker
Mirabel Godspower, a banker based in Aba, told BusinessDay that finding accommodation in the city centre is a challenge that many young professionals will have to deal with. “It’s hectic- from office to house-hunting. The rent is on the high side.”
She said that when compared to the salary being earned by many young professionals across Nigeria – it will amount to being enslaved by both the employers and landlords.
She said that many young professionals cannot talk about work-life balance because of the stress they pass through to meet their accommodation needs on a year-to-year basis.
“So, when you check it, minus the salary you’re earning and check the house rent, we’re not even talking about upkeep, we’re not talking about medication, we’re not talking about other things.
“When you pay house rent, how much is left for you? You just find out that you’re just stressing yourself,” Godspower said.
According to her, many young professionals are keeping their jobs just to satisfy the societal need of leaving home daily, and not because of the fulfillment they derive from the job.
“You’re just doing that just to leave home. The landlords are not even smiling. They don’t even care how much you earn or what you face.”
Godspower, who is currently house-hunting, told BusinessDay that as a banker she has to leave home as early as 6am daily to beat traffic and that she repeats a similar routine back home every evening after closing by 6pm.
“As I am now, I’m looking for a house because the distance from my house to my office is far. Before you get home, the stress and everything, waking up in the morning is another problem. It demoralizes you.
“There is no work balance. Everything is so tedious. I’m looking for a house. I’m going to work. Which time do I have to look for the house? The little time you have during the weekend, you’ll be surprised if they call you to the office to come and do one thing or the other. I’m in-between looking for a house and going to work,” Godspower said.
