This archive report was first published on 5 November 2019.
November 5, 2019, marked a day when the struggles of young people in Lagos, Nigeria's booming commercial hub, were highlighted by the exorbitant rent demanded by landlords. The situation is dire, with two-bedroom apartments costing between $11,000 and $22,000 upfront, a sum that few people can afford.
According to Bankole Oluwafemi, a young technology entrepreneur, the cost of land and construction in Lagos is high, contributing to the expensive rent. However, he managed to secure a loft-style apartment on a serene residential street in Lekki, a fairly affluent neighborhood, with the help of a digital rental site called Fibre.
Mr. Oluwafemi's experience is a rare exception in Lagos, where the system of upfront payments suits landlords but leaves tenants with no choice. Some people use informal lending networks to get the money, while others save while staying with relatives. However, the lack of small properties and the high cost of living make it difficult for people to find affordable housing.
Real estate analyst Dolapo Olumidire notes that Lagos is largely a landlord's market, where landlords have the authority to dictate what they want from tenants. 'They have the authority to dictate what they want from tenants,' he says. 'They can say: 'These are my terms. If you don't like it, go somewhere else.'
Mr. Oluwafemi's experience is a testament to the challenges faced by young people in Lagos. He moved to the city in 2011 but was unable to find an affordable apartment, leading him to sleep on the floor of a room with 10 other people. He later co-founded a technology company and decided to sleep in his office to avoid renting a home and the associated costs.
