Most individuals searching for lease in Lagos are 30 12 months previous single males – Report
Lagos, a bustling metropolis with a various and rising inhabitants, has a rental market that’s predominantly occupied by younger single males between 25 to 30 years previous.
A latest report by Buyletive, cited in Nairametrics, gives an in depth evaluation of the demographics of residential renters in Lagos, revealing a notable skew in the direction of single male occupants.
The report highlights {that a} substantial proportion of Lagos’s rental market is comprised of younger, single males, influenced primarily by {economic} elements.
The World {Bank}’s 2023 information exhibits a labour drive participation fee of 65.9% for males in Nigeria, considerably increased than the 52.2% fee for girls.
Statistica’s figures additional present this disparity, reporting that roughly 40 million males had been employed in 2023 in comparison with 31 million girls. This {economic} imbalance contributes to a better {financial} capability amongst males, making them extra prevalent in each rental and property possession markets.
The evaluation reveals that 56.3% of residential respondents in Lagos are males, reflecting a dominant development amongst younger adults aged 25 to 30.
This age group represents the biggest phase of the rental market within the metropolis. The desire for renting over proudly owning can be prevalent amongst these people, a development influenced by the present {economic} situations and the excessive value of property possession.
Some context
Moreover, systemic points akin to biases from landlords and restrictions towards single girls additional skew the rental market demographic. Single girls typically face challenges in securing rental properties, which exacerbates the gender disparity noticed available in the market.
These biases contribute to the decrease illustration of ladies amongst residential renters in comparison with their male counterparts.
“The rental preferences of our respondents in Lagos State are intently associated to the demographic composition of the inhabitants.
“Roughly 43% of respondents in Lagos reside in 2-bedroom residences, with 1-bedroom residences following intently behind at 41.5%. “
This development signifies a powerful demand for small to medium-sized residences, largely Cdriven by single people and small households.
Our evaluation reveals that the best rental funds falis inside N500,000 to N1 million every year. This value vary aligns with the earnings distribution amongst respondents, which is between the N100,000 to N500,000 month-to-month earnings bracket.
The dominance of younger single males in Lagos’s rental market is a mirrored image of broader {economic} and social elements, together with the upper employment charges and {financial} stability of males compared to girls. Because the rental market continues to evolve, these demographic developments will seemingly affect housing insurance policies and market dynamics in Lagos.
