The cost of accommodation in Port Harcourt has surged to crisis levels, with new resident data showing tenants now spend up to 70% of their monthly income on rent alone, far above the global affordability benchmark of 30%.
THE NUMBERS
Based on interviews and market checks by Exceed FM:
- 1-Bedroom Flat: ₦800,000 – ₦1,200,000 per year in areas like D-Line, Mile 1, and Rumuokoro
- 2-Bedroom Flat*: ₦1.5m – ₦2.5m per year
- Agent + Agreement + Commission: Additional 15% – 20% upfront
- Average Salary in PH
: ₦120,000 – ₦200,000 monthly for traders, civil servants, and small business owners
Case Study:
Business owner Mrs. Grace Johnson earns ₦120,000/month = ₦1.44m/year. She pays *₦1m/year for 1-bedroom.
That’s *69% of her annual income* going to rent before food, school fees, and transport.
“After paying for food, transportation, school fees and other household expenses, there is hardly anything left to save. Sometimes I have to borrow money just to pay my rent. It has become very difficult,” she told Exceed FM.
WHAT’S DRIVING IT
Residents and analysts cite 3 key factors:
- Inflation: Building materials cost up 60%+ since 2023
- Demand vs Supply: PH population growth with limited affordable housing stock
- No Regulation: Rivers State has no active rent control law. Landlords set prices arbitrarily.
RESIDENTS’ DEMAND
Other residents echoed Mrs. Johnson’s concerns and called for urgent government action.
“We are working hard, but our income is no longer enough. The government should take steps to make housing affordable and discourage the constant increase in rent by landlords,” one resident said.
Housing experts warn that if rent continues to rise faster than wages, displacement and overcrowding will increase across PH.
The residents are urging the Rivers State Government to implement tenancy laws, build affordable housing estates, and regulate agency fees.
