{"id":5165,"date":"2017-07-03T04:40:56","date_gmt":"2017-07-03T04:40:56","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/lagos-ranked-worlds-third-unaffordable-city-for-renters\/"},"modified":"2017-07-03T04:40:56","modified_gmt":"2017-07-03T04:40:56","slug":"lagos-ranked-worlds-third-unaffordable-city-for-renters","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/lagos-ranked-worlds-third-unaffordable-city-for-renters\/","title":{"rendered":"Lagos ranked world\u2019s third unaffordable city for renters"},"content":{"rendered":"<p>\n<\/p>\n<div id=\"\">\n<div id=\"attachment_304985\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1.jpg?resize=1280%2C720&#038;ssl=1\" data-lazy-src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/plugins\/ventra-lazy-load\/images\/1x1.trans.gif?ssl=1\" data-lazy-srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1.jpg 1280w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-974x548.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-600x338.jpg 600w\" class=\"wp-image-304985 size-full lazyload\" alt=\"\" width=\"1280\" height=\"720\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><noscript><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-304985 size-full lazyload\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1.jpg?resize=1280%2C720&#038;ssl=1\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1.jpg 1280w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-974x548.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/06\/Lagos1-1-600x338.jpg 600w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><\/p>\n<p class=\"wp-caption-text\">PHOTO: Hope for Nigeria<\/p>\n<\/div>\n<p>A new report\u00a0has ranked Lagos, the nation\u2019s commercial nerve centre as\u00a0the\u00a0third least of world cities that are highly unaffordable for renters.<\/p>\n<p>The\u00a0report released by RENTCaf\u00e9, a <a href=\"https:\/\/amazingproperty.com.ng\/blog\/really-nice-property-for-sale-in-nigeria\/\">property search<\/a> website puts Lagos rent at $355 (N129, 575)\u00a0per month while the household income is $625 (N228, 125), making\u00a0 the city the third behind Manhattan, New york city with\u00a059 per cent and Mexico City with 60 percent. It also\u00a0identified\u00a0the three least cities\u00a0as vibrant urban hubs with thriving or emerging economies but unaffordable for renters<\/p>\n<p>The ranking is coming on heels of the global professional services firm, Price Water Corporation (Pwc) Opportunity report that <a href=\"https:\/\/amazingproperty.com.ng\/blog\/nigeria-property-center\/\">listed<\/a> Lagos at 28 position of 30 cities.<\/p>\n<p>In its latest Cities of Opportunity report, PwC has also set up what is basically the shortlist of the world\u2019s best cities to work and live in.<\/p>\n<p>The top-30 ranking is the result of an in-depth analysis of the most prosperous global business, finance and culture capitals, which looks at 10 different indicators\u2014including but not limited to infrastructure, intellectual capital, sustainability and ease of doing business, all of them essential for a great environment.<\/p>\n<p>With the list, the researchers looked at\u00a0how much money do people earn in these cities and whether these salaries are enough to afford a rental apartment.<\/p>\n<p>The implication of the recent report is renters in Mexico City, Manhattan and Lagos face severe rent burden, meaning that the rent takes up more than half of a household\u2019s income each month (60 per cent, 59per cent and 57per cent respectively).<\/p>\n<p>In other words, in an average family with two earners, one of them works only to pay the rent, and it\u2019s still not enough.<\/p>\n<p>Lagos residents cough out an astounding 57per cent of their income on rent, while in Mexico City, the median household income barely hits the $14,500 mark and yearly rent amounts to $8,640 on avg.<\/p>\n<p>That puts Mexico City first among the world\u2019s most unaffordable cities for renters with a 60per cent rent burden. Not even London, which PwC declared the world\u2019s best city to live and work in escapes the affordability woes.<\/p>\n<p>The 40per cent rent-to-income ratio places UK\u2019s largest city among the moderately rent-burdened global powerhouses of the world.<\/p>\n<p>At the other end of the spectrum, Kuala Lumpur emerges as the best choice for renters in search of more relaxed lifestyles. Rent barely takes 20per cent of the median household income in Malaysia\u2019s capital city.<\/p>\n<p>In the study, the researchers\u00a0looked at the current\u00a0 rents in the top global financial centres, but not restricted to cities with outstanding activity in the financial sector, and bringing into the equation the affordability of local <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> prices too.<\/p>\n<p>According to the\u00a0Communications Specialist\u00a0 for RENTCaf\u00e9, Amalia Otet,\u00a0 researchers used the\u00a0 list of the world\u2019s top cities of opportunity as published in the latest issue of their Cities of Opportunity report and\u00a0study the overall average rents or their US Dollar-equivalents adjusted for inflation as necessary.<\/p>\n<p>In the report,\u00a0London slide back 21 places when ranked by rental affordability, with the\u00a0seven out of the top 10 most affordable cities of opportunity catapulted\u00a0 straight from the lower third of the initial ranking.<\/p>\n<p>\u201cLondon is famously expensive. And so is LA. But is this just an outside perception or the sad reality? Our research team here at RENTCaf\u00e9 looked at rental prices in the world\u2019s 30 best cities to live in and compared them with the local median incomes to see just hom (un)affordable these fine urban hotspots are\u201d, Otet noted.<\/p>\n<p>According to the study, Kuala Lumpur, Moscow and Johannesburg ranked as the most affordable cities of opportunity from the 20th, 22nd and 24th places of the original ranking, respectively.<\/p>\n<p>Also two South American markets on the 4th and 5th places, Bogot\u00e1 and Rio de Janeiro\u00a0 moved the farthest from their original positions\u201422 places up from 26th and 27th.<\/p>\n<p>Speaking on the ranking, an, urban development expert, Lookman Oshodi\u00a0said the ranking is not unexpected considering spiraling inflation that the country has witnessed in the past few years.<\/p>\n<p>He noted that in the past two years, however, most property owners have maintained rent freeze.<\/p>\n<p>Despite the freeze on the real rent cost, property owners and renters alike, Oshodi\u00a0said have been dealing with costs ranging from security, <a href=\"https:\/\/amazingproperty.com.ng\/blog\/the-benefits-of-solar-roofing-for-your-home\/\">energy<\/a>, water and road among other housing related services.<\/p>\n<p>\u201cThe energy crisis has further pushed housing related cost to astronomical level as residents need to fuel and repair their power systems,\u201d he added.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a hre=\"http:\/\/guardian.ng\/property\/lagos-ranked-worlds-third-unaffordable-city-for-renters\/\"> Guardian <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Hope for Nigeria A new report\u00a0has ranked Lagos, the nation\u2019s commercial nerve centre as\u00a0the\u00a0third least &hellip; <a title=\"Lagos ranked world\u2019s third unaffordable city for renters\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/lagos-ranked-worlds-third-unaffordable-city-for-renters\/\"><span class=\"screen-reader-text\">Lagos ranked world\u2019s third unaffordable city for renters<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5166,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[981,518,1399,63,617,489,344,684,8752,522,1007,41,678],"class_list":["post-5165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-a-house","tag-america","tag-development","tag-for-rent","tag-house","tag-houses","tag-housing","tag-lagos","tag-most-affordable","tag-nigeria","tag-owners","tag-property","tag-rental"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/Lagos1-1.jpg?fit=1280%2C720&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=5165"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/5166"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=5165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=5165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=5165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}