How We Plan to Eliminate Greed in Rental Transactions – Iyayi

Fadekemi Ajakaiye

With the alarming increase in house rents across Nigeria, stakeholders have lamented the excessive agency fees, hidden charges, or unaccounted caution fees in the sector.

Rents they said are skyrocketing and decent homes hard to find due to outrageous agency, legal, inspection, and caution fees that no one seems to account for.

Founder, Citiliving, Mr. Era Iya, noted that housing crisis in Nigeria was primarily a rental property supply issue and not a home-ownership problem.

Iyayi, hinted Nigerian housing crisis isn’t just about homeownership—it’s about getting rental housing right. That’s what Citiliving is here to do.
He vowed to eliminate greed in rental transactions by leveraging the power of technology and community to create a transparent and efficient rental ecosystem that benefits both renters and property investors.

According to him, “If you have searched for a residential property to rent in Lagos, Abuja, or any other major city in Nigeria, you know the struggle is real.

“Rents are skyrocketing, decent homes are hard to find, and when you finally find one, you are slapped with outrageous agency fees, legal fees, inspection fees, and even caution fees that no one seems to account for.
“Meanwhile, thousands of newly built houses sit empty because they are priced far beyond what the average Nigerian can afford.

“This mismatch between supply and demand is at the heart of Nigeria’s housing crisis. The real issue isn’t just homeownership—it is the rental supply problem. Don’t get it twisted, homeownership is a problem, but it is not the core issue.”

Iyayi stressed that while homeownership is difficult due to high construction costs, limited mortgage financing, and expensive land, it is not an immediate crisis.

He maintained that most Nigerians are not actively looking to buy a home but rather seeking stable, affordable, and flexible rental housing that fits their income level and lifestyle.

His words: “Policymakers and developers keep pushing for more high-end houses, assuming that people just need to “own their homes.
“But let’s be honest— for a mostly youthful population who love the city lifestyle, 3-bedroom bungalows in the outskirts of town may be a part of the solution but not the first solution.

“Most Nigerians can’t afford to buy a house outright. What most working young adults need is quality, well-managed, and affordable rental housing in city-center locations where they can live, work, and thrive.”
He maintained that thousands of new ‘luxury’ homes were sitting empty because they are too expensive and supply in that segment outpaces demand for single family homes.

“A massive demand for rental apartments, even in poorly maintained buildings. Rents are increasing every year due to limited supply, making it harder for the average Nigerian to secure a decent place to live.”
Iyayi said despite the increase in rents, people would be forced to ask why aren’t investors building more rental properties.

The founder said why investors see the opportunities in the sector, the barriers to investing in rental housing discourage them.

He added: “Many property owners and managers have horror stories of tenants who refuse to pay rent on time, if at all. Investors don’t want the stress of handling repairs, rent collection, and tenant complaints.

“Traditional rental transactions are loaded with unnecessary fees (agency, legal, inspection, caution fees) that discourage both renters and landlords.

“Inflation, fluctuating building costs, and inconsistent policies make long-term rental investments feel risky.”

It was against this background the Citiliving has resolved to solve the rental supply problem, stating, Citiliving recognises that renting is the real backbone of housing in urban Nigeria.