Imagine walking past a beautiful block of flats in Abuja. Three apartments are empty, the compound is quiet, and nobody has lived in some of the units for months.
“If nobody is living there, why is rent still so expensive?”
Sounds funny, but it connects to a real issue. Recent reporting has highlighted rising rents alongside concerns about vacant properties in parts of Abuja.
Why would a landlord leave a property empty instead of reducing the rent?
Sometimes, the owner is waiting for a price they believe the property deserves. Other times, the asking rent may simply be beyond what people in that area can afford. And some properties may have issues that make them less attractive to tenants. Some are simply too expensive!!!
A house can be worth millions on paper and still earn the owner absolutely nothing while it sits empty.
For landlords, it is worth asking whether a slightly more affordable rent and a reliable tenant might be better than months without income.
For property investors, don't just ask how much rent a house can command. Also ask how quickly it can attract a tenant at that price.
In real estate, an empty house may look impressive, but it doesn't pay the bills!
The lesson here is not that every landlord should slash their rent. Owners have expenses too, from maintenance to security and service charges. But the asking price has to make sense for the property and the people who can realistically afford it.
And if you're looking for a house in Abuja, don't be shy about comparing similar properties before committing. Sometimes, another apartment just a few streets away offers better value.
A home should be an investment that works for the owner and a place people can realistically afford to live in.
Solidfoot Realty Journal; Real estate, the way we see it.
“If nobody is living there, why is rent still so expensive?”
Sounds funny, but it connects to a real issue. Recent reporting has highlighted rising rents alongside concerns about vacant properties in parts of Abuja.
Why would a landlord leave a property empty instead of reducing the rent?
Sometimes, the owner is waiting for a price they believe the property deserves. Other times, the asking rent may simply be beyond what people in that area can afford. And some properties may have issues that make them less attractive to tenants. Some are simply too expensive!!!
A house can be worth millions on paper and still earn the owner absolutely nothing while it sits empty.
For landlords, it is worth asking whether a slightly more affordable rent and a reliable tenant might be better than months without income.
For property investors, don't just ask how much rent a house can command. Also ask how quickly it can attract a tenant at that price.
In real estate, an empty house may look impressive, but it doesn't pay the bills!
The lesson here is not that every landlord should slash their rent. Owners have expenses too, from maintenance to security and service charges. But the asking price has to make sense for the property and the people who can realistically afford it.
And if you're looking for a house in Abuja, don't be shy about comparing similar properties before committing. Sometimes, another apartment just a few streets away offers better value.
A home should be an investment that works for the owner and a place people can realistically afford to live in.
Solidfoot Realty Journal; Real estate, the way we see it.
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