ABSTRACT
Shelter, it is said, ranks second in the hierarchy of human needs, being most important after food. Nigeria, most populous country in Africa, and eighth most populous in the world (2009 estimate by the United Nations Department of Economic and Social Affairs – Population Division) faces a serious housing challenge. Available statistics show that 87% of the total household population in Nigeria lives in rented apartments. In Lagos, in particular, 60% of residents are tenants and housing demand is estimated to be approximately 2.17 million. Most of the existing accommodations are provided by private landlords, and tenants have to pay rent as high as 50-70% of their monthly incomes.
A residential rental report at a time like this comes in most useful in capturing the actual picture of the housing and rental dynamics in Lagos State. It is important to follow the different stages in the development of the housing sector, not only for present use by industry players and stakeholders, but also for future reference purposes. Literature and detailed research specifically devoted to the mechanics of the Nigerian housing sector are hard to come by, and oft times when obtainable are grossly obsolete and inadequate, offering little or no service to the interested user.
Hence, the need for an aggregate of the most current and up-to-date information on housing rental concepts in a mega city like Lagos State Nigeria - the scope of this work.