Lagos ranked world's third unaffordable city for renters

Lagos ranked world's third unaffordable city for renters

A new report has ranked Lagos, the nation’s commercial nerve centre as the third least of world cities that are highly unaffordable for renters.


The report released by RENTCafé, a property search website puts Lagos rent at $355 (N129, 575) per month while the household income is $625 (N228, 125), making the city the third behind Manhattan, New York City with 59 percent and Mexico City with 60 percent. It also identified the three least cities as vibrant urban hubs with thriving or emerging economies but unaffordable for renters

The ranking is coming on heels of the global professional services firm, Price Water Corporation (Pwc) Opportunity report that listed Lagos at 28 position of 30 cities.

In its latest Cities of Opportunity report, PwC has also set up what is basically the shortlist of the world’s best cities to work and live in.

The top-30 ranking is the result of an in-depth analysis of the most prosperous global business, finance and culture capitals, which looks at 10 different indicators—including but not limited to infrastructure, intellectual capital, sustainability and ease of doing business, all of them essential for a great environment.

With the list, the researchers looked at how much money do people earn in these cities and whether these salaries are enough to afford a rental apartment.

The implication of the recent report is renters in Mexico City, Manhattan and Lagos face severe rent burden, meaning that the rent takes up more than half of a household’s income each month (60 per cent, 59per cent and 57per cent respectively).

Source: Lagos ranked world's third unaffordable city for renters

 - NigerianEye
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