Why rents keep soaring in P/Harcourt
As the accomodation crisis in Port Harcourt, capital city of Rivers State, and commercial nerve of South South region continues to take a toll on the residents, house rents have continued to soared in the oil city as big firms and oil workers rush for decent homes, forcing landlords to hike prices and pushing low-income […]
Port Harcourt, the capital city of Rivers State and the commercial hub of the South South region, is experiencing a significant rise in house rents, forcing low-income earners to relocate to the outskirts of the city. The soaring rents, ranging from N1.5m to N3m yearly for a two-bedroom flat in the GRA, Peter Odili road, and other affluent areas, have left many residents struggling to find affordable housing.
Big firms and oil workers, who can afford to pay as much as N10 million for a duplex, are the main drivers of this demand, leading landlords to increase prices and push out low-income earners. The recent flooding in Port Harcourt and Obio/Akpo local government areas has further exacerbated the situation, causing landlords to hike rents in unaffected areas.
While the state government is investing in affordable housing schemes, most housing projects are being developed by private companies. Despite the inauguration of the first 1000 units out of 20,000 planned under a Public Private Partnership model, detractors have instituted over 90 litigations to stall the project, causing delays.
The Governor of Rivers State, Siminalayi Fubara, expressed gratitude for the support from the private sector and the government, emphasizing the importance of aligning public and private sectors for the public good.
Written by urgent.news from Daily Trust's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
