Landlord biases in Lagos are decreasing the housing occupancy rate among women, according to a report by BuyLetLive.

It stated that the restrictions and bias of state Lagos landlords against single women significantly contributed to the lower percentage of female residential respondents compared to men.

“The young population, typically between the ages of 25-30, dominates the rental market in Lagos State. They make up the largest demographic segment within the rental market,” it noted.

The report indicated that a notable percentage of residential respondents in Lagos were young single men.

It added, “Analysis indicates that a significant portion of our residential respondents in Lagos are young, single men. 56.3 per cent of residential respondents are men.

“The demography of residential occupiers in Lagos State reveals that the real estate market is mostly saturated by men. Our analysis shows that respondents prefer to rent properties instead of owning them.

“Analysis reveals that a significant percentage of our respondents in Lagos are young, single men. This gender distribution is influenced by various factors, with the economic conditions in the country being the most significant factor.”

The World Bank reported that the labour force participation rate in 2023 among men in Nigeria was 65.9 per cent compared to the rate of 52.2 per cent among women.

Statistica’s data further highlighted that trend, showing that approximately 40 million men were employed in 2023, compared to the 31.3 million women employed.
These statistics demonstrate why men generally have higher financial capacity compared to women, leading to their increased representation in property or rental ownership.

“The rental preferences of our respondents in Lagos State are closely related to the demographic composition of the population. Approximately 43 per cent of respondents in Lagos live in 2-bedroom apartments, with one-bedroom apartments following closely behind at 41.5 per cent.

“This trend indicates a strong demand for small to medium-sized apartments, largely driven by single individuals and small families. Our analysis reveals that the highest rental payments fall within N500,000 to N1m per annum. This price range aligns with the income distribution among respondents, which is between the N100,000 and N500,000 monthly income bracket,” it showed.

According to the report, in 2021, the Lagos State Government initially announced plans to implement a monthly rent payment scheme.

It added, “The government further reiterated these plans in March this year, with their implementation slated for 2025.”
The report further stated that about 62.6 per cent of Lagos occupants preferred the annual payment of rent, compared to other payments.

“Despite these initiatives in the pipeline, about 62.6 per cent of our Lagos respondents still prefer annual rental payments over other payment methods.

“Amidst this demand for rental properties, 89.6 per cent of respondents intend to own properties in the future. The Federal Government has actively introduced initiatives to improve access to affordable housing in the country.

“In May 2024, the Federal Mortgage Bank increased the National Housing Fund mortgage limit from N15m to N50m. Consequently, the mortgage plan is the most preferred option for property ownership among Lagos residents. The rental preferences of respondents in Lagos indicate a strong demand for affordable housing in the state,” it noted.

Post Category: News





   

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