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If your house rent just got increased or you are on the market for a new apartment. You should read this. While rent prices are fixed based on the landlords or the\u00a0 developers discretion there are determinants that affect house rent decisions and they change over time.\u00a0<\/span><\/p>\n So picking Lagos as a sample size, how do you determine if you are being overcharged for rent?\u00a0<\/span><\/p>\n If your rent just got\u00a0 increased, one of the ways you can figure out where you stand is talking to your neighbors to know how much they got. Compare your rent with other buildings in the neighborhood and see how you can negotiate with the Landlord.<\/span><\/p>\n If you are just searching, one thing you should never neglect when inspecting a house or an apartment you are interested in is not talking to the tenant occupying the premises. Once you have been introduced by the agent to a co-tenant , establish a conversation about the environment and building, familiarize yourself with the charges paid.<\/span><\/p>\n If they can\u2019t divulge their rent due to personal discretion, ask people in the neighborhood. This really helps to know if you are being overcharged or at least help you make informed decisions.<\/span><\/p>\n We could say this is the oldest determinant of rent as distinctions have always been made based on where you live. Still using Lagos as our sample size, there are several distinctions. We have the Island, Mainland, GRAs etc.\u00a0<\/span><\/p>\n So where do you live or plan to; an average rent on the island falls around N1,000,000 \u2013 N6,000,000 depending on the size of the apartment.\u00a0 For mainlands, rent average falls between N800,000 \u2013 N2,500,000 also depending on the size of the apartments.\u00a0<\/span><\/p>\n The island is relatively expensive compared to the mainland as it is home to the elite of the society and has a lot of new buildings which makes them pricey.\u00a0<\/span><\/p>\n So what are the common things people look at in a location;\u00a0<\/span><\/p>\n The law of demand and supply is also a factor. At a time, Industrial areas used to be many people preferred location, for reasons such as living close to work, or opening a shop in a busy location.\u00a0<\/span><\/p>\n Now, the demands for serviced apartments, houses in the estate are hot cakes in the market. If your choice location falls into that category then the chances you are paying a high rent due to the competitive market.\u00a0<\/span><\/p>\n Unfortunately, the demand for houses is overwhelming and supplies are little to nothing due to the high cost of building and the economic situation.\u00a0<\/span><\/p>\n If you are not enjoying the above service and your location doesn\u2019t fall into the market hotspot then you shouldn\u2019t be paying an out of pocket rent.\u00a0<\/span><\/p>\n \u00a0if you live in a well maintained house or renting a serviced apartment you might likely be paying a little over others as this would reflect in your rent charges.\u00a0<\/span><\/p>\n Irrespective of the location, some buildings just maintain standards, asides the architectural structure that can\u2019t be easily altered. The interiors may benefit from steady modern fittings and features.\u00a0<\/span><\/p>\n \u00a0<\/p>\n<\/div>\nCurrent Rent Rate of the Apartment<\/b><\/span><\/h2>\n
Location<\/b><\/span><\/h2>\n
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Market Force<\/b><\/span><\/h2>\n
Condition of the Building<\/b><\/span><\/h2>\n