Nigeria’s housing crisis is no longer a whisper. It is loud, visible and hitting tenants hard every month.
The Nigerian Institution of Estate Surveyors and Valuers (NIESV), Ondo State branch, has now thrown its weight behind a simple message: build more houses or forget about stopping rent hikes.
At a media briefing ahead of its annual week, the group argued that rent control is not the magic wand many expect. Instead, it believes the real answer lies in expanding housing supply and fixing the cost structure of property development.
From my findings, estate surveyors across major cities share the same concern. The demand for rental apartments in Nigerian cities has outpaced supply for years. Young professionals are moving into urban centres. Families are expanding. But new estates are not rising at the same speed.
Dr Joseph Akintomide, the state chairman, made it clear that government interference in pricing could backfire. He said government should treat housing as a social service, not just a commercial venture. In his words, “You cannot control what you do not own. If supply is low and demand is high, prices will naturally rise.”
That position may sound harsh to struggling tenants. But a closer look shows the logic. When rent caps are imposed without boosting supply, developers slow down. Investors pull back. The housing deficit in Nigeria continues to widen.
The debate around rent control policy in Nigeria has gained traction in recent months. Some states are under pressure to act. However, professionals warn that artificial caps may shrink private sector participation.
There is also the issue of funding. High interest rates on property development loans in Nigeria have made building projects expensive. Developers borrow at double-digit rates. They recover costs through higher rents.
Akintomide argued that single-digit interest funding would change the game. Cheaper credit means cheaper construction. Cheaper construction can translate to more affordable rents.
The cost of materials is another pressure point. Cement, steel and finishing materials have surged. When inputs are expensive, output follows the same direction. As one industry expert told me recently, construction is a direct reflection of market forces.
A technical comparison shows the difference clearly. In markets where housing supply exceeds demand, rents stabilise or drop. In Nigeria, demand growth is faster than new housing delivery. That imbalance keeps pushing rents upward. It is basic economics.
Beyond cost and supply, NIESV raised a red flag about unqualified agents. The activities of quacks in property management in Nigeria are worsening tenant experiences. Some inflate prices. Others mismanage properties. Both investors and tenants suffer.
This angle is often ignored in public debate. When standards drop, trust drops too. Investors become cautious. Tenants become desperate. The market turns chaotic.
The institution also urged government to lead by example. It wants public projects to prioritise local building materials. That move, it believes, would strengthen confidence in indigenous products and reduce overdependence on imports.
From an economic standpoint, boosting housing schemes could stimulate jobs, support local manufacturers and ease urban pressure. It is not just about rent. It is about urban planning and stability.
The housing affordability crisis in Nigeria is now a social issue. Young workers spend a huge portion of income on rent. Small businesses struggle to secure decent spaces.
In my assessment, the warning from NIESV is timely. Rent control without construction growth is like patching a leaking roof during a storm. It may look decisive, but it solves little.
If government wants lasting impact, experts insist the focus should be clear: expand supply, lower financing costs and sanitise the property market. Until that happens, tenants may have to brace for more rent increases in 2026.
