It was argued that the lower ratio of female residential respondents compared to male respondents was mostly caused by the limitations and prejudice of state Lagos landlords against unmarried women.
“In Lagos State, the majority of renters are young people, usually between the ages of 25 and 30. It stated that they comprise the biggest demographic group in the rental sector.
According to the research, young single men made up a sizable portion of the residential respondents in Lagos.
“Analysis indicates that a significant portion of our residential respondents in Lagos are young, single men,” the statement continued. Men make up 56.3% of residential responders.
The majority of the real estate market in Lagos State is dominated by men, according to the demographics of residential occupiers. According to our analysis, respondents would rather rent than buy real estate.
A sizable portion of our responders in Lagos are young, unmarried guys, according to the analysis. The nation’s economic circumstances are the primary factor influencing this gender distribution, while there are other reasons as well.
According to data from the World Bank, men’s labor force participation in Nigeria in 2023 was 65.9%, while women’s rate was 52.2 percent.
This pattern was further demonstrated by Statistica’s data, which indicated that in 2023, there were about 40 million employed men and 31.3 million employed women.
These figures show why males are more likely than women to buy a home or rental property since they typically have greater financial capacity. “In Lagos State, the demographic makeup of the populace is strongly correlated with the rental preferences of our respondents. In Lagos, over 41.5% of respondents live in one-bedroom apartments, closely followed by those with two bedrooms (43%). This pattern suggests that there is a high demand, mostly from single people and small families, for small to medium-sized apartments. The highest rental fees, according to our data, range from N500,000 to N1 million annually. This price range is consistent with the respondents’ income distribution, which falls within the N100,000 to N500,000 monthly income range, the data indicated.
The Lagos State Government first revealed plans to introduce a monthly rent payment mechanism in 2021, according to the newspaper. The statement said, “In March of this year, the government further reaffirmed these plans, with their implementation scheduled for 2025.”
The report also mentioned that, in comparison to other payments, approximately 62.6% of Lagos residents preferred paying their rent annually.
About 62.6% of our Lagos respondents said they still preferred annual rental payments over other payment options, despite these upcoming measures.
“89.6% of respondents said they plan to purchase properties in the future, despite the high demand for rental houses. The national government has taken the lead in introducing programs to increase the availability of affordable housing.
“In May 2024, the National Housing Fund mortgage limit was raised from N15 million to N50 million by the Federal Mortgage Bank. For Lagos residents, owning a property through a mortgage plan is therefore the most desirable alternative. Affordable housing is in high demand in the state, as seen by the respondents’ rental preferences in Lagos, the report said.
