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Will Nigeria Renters Benefit From The Recession?

The recent recession has birthed a lot of write ups. This, of course, is a very interesting topic. The theme, “recession” is not thoroughly understood by the average Nigerian. It seemed to be far-fetched and unrealistic. All the layman knows is that things are highly expensive and the economy is not in good shape. Maybe that is a simple language to explain recession. Some specialists have recommended real estate as the solution to the recession but how can Nigerian renters benefit from this?

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Most write ups either encourage investing in properties to make money or maximising available properties during the recession. Unfortunately, I am yet to read any article on the interest of tenants and how they can maximise this recession.

The irony of this recession is the fact that despite the recent decrease in the price of properties, most landlords still desire to increase the rent of existing tenants.

The big question is if the recession is beneficial to home buyers, will it be detrimental to home renters? Below, I have compiled a list of top five ways recession can be beneficial to Nigerian renters.

ALSO READ: Looking Beyond Recession in Nigerian Real Estate Business

You may need to relocate
Most times we tend to stay in certain areas simply because they are sophisticated. Relocating may save about 50% of our rent.It is also possible to get a better and a more spacious apartment at a more affordable cost than our former apartment.

Don’t go to the Back-end
The point above might be dicey. Because you may be relocating to the other backend. You need to choose a place close to your workplace. It is easier when you have a neighbour so close to you that wants to relocate. You can go through him or her to the landlord. You will get more for less.

Try Out New Houses
Since the recession has caused a reduction in the prices of properties, cost of renting a newly purchased property will also reduce. This may be more beneficial to those who live in luxury or serviced apartment. Most owners of luxury apartments are drastically reducing the cost of acquiring one for lack of customers. You may be favoured to get a serviced apartment for at almost the same amount your present rent costs.

Talk to Your Landlord
This is tricky, and it should be done with so much wisdom. It would be very easy if you have a good relationship with your landlord or landlady. This is also important when you have an outstanding rent to pay. If you are short of money, walk up to your landlord. However, if the property is handled by a lawyer or a property management company, your landlord will have little or nothing to do.

Try to Buy a Property
It still boils down to what favours a particular environment at a particular time. So if buying properties is the trending thing, try as much as possible to buy at least a piece of land in Nigeria. This is a good investment and it will help you in future. This is not mandatory, but it is important. Buy an asset without minding the location.

So all Nigerian renters come on board, step up and enjoy the benefits of the recession in real estate. Get a new apartment today. visit www.tolet.com.ng to get one.

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