Shelter is very important. In fact, it is considered as the basic necessity of life. You do not have to purchase a property before you can have a shelter over your head; you can also rent a property or even share one with another person.
It can be difficult to acquire land to erect your own property these days because of the attendant cost and this is why many people opt for rental properties.
This was rarely the case in times past when virtually every household consider erecting a small hut where a nuclear family can reside. Upon getting married in ancient times, the family of the groom would build a hut for him where he and his new wife would reside.
In those days, there was no need to purchase land since there was an abundance of lands for all. Things have changed these days and that change has led to the skyrocketing of the cost of virgin land, not to talk of the cost of purchasing building materials. A greater percentage of Nigerians, therefore, live in rented apartments.
The point explained above has led to the development of two different class of residents in the urban society, which are:
· The landlord and the
· Tenant
The tenant rents a shelter from the landlord, whom he pays periodically a pre-agreed amount. The amount the tenet pays the landlord is referred to as the rent.
Cost of shelter
There had been a rise in demand for rented apartment over the years in Nigeria as urban settlements grow in size. Many residents of rural areas leave their homes in droves to settle down in urban areas. This causes an increase in demand for rented apartments.
As a result, the erstwhile easy-to-get apartments at the urban areas have become rather scarce. During the Nigerian civil war of 1967 to 1970, several homes were destroyed and this led to a drought of shelter, especially in the urban areas after the civil war.
The two factors described above contribute a great deal to the scarcity in shelter availability in the urban areas and this prompted the law of demand and supply to kick in. The increase in demand accompanied by a decrease in supply forced the rent for shelter to rise.
Studies show that an average employee spends between 30% and 40% of his salary to offset the rent for shelter. There are different categories of shelters, however; they vary in quality and size. The actual amount the employee pays for rent can be determined by the type of building he has rented.
Aside from size and type, the particular location of the property being rented can also go a long way to determine how much the individual has to pay on rent. This is to say that rental properties located in the highbrow areas of a city will cost can amount different from that of a property located in a more setback part of the same city.
Residential rentals in Nigeria
There are different types of residential properties for rent in Nigeria today. The type you go for depends on the type you need and how much money you have budgeted on rent. Some of the available types of residential properties for rent are:
· Mansion
· Bungalow
· Flats or apartments
· Penthouse
· Terraced hose
· Semi-detached house
· Detached house
· Duplex
· Single room apartment
As mentioned earlier, the one you choose depends on your budget. The number of people to live in the house can also go a long way to determine your choice. If you are a bachelor or spinster living alone, a single room apartment or mini flay may be sufficed for you.
If you are married with one or two kids, on the other hand, you can opt for a mini flat or a standard apartment. Those who have a large family may decide to go for a duplex. However, your choice still boils down to your budget.
Aside from the cost, you also want to consider the availability of amenities in such a building before you rent. If you are one for privacy, you may prefer a detached house, or an apartment flat instead of a mini flat or a single room apartment. A mansion or bungalow can also work perfectly for individuals that love their privacy. An apartment with two floors is called a duplex, while apartments with three and four floors are triplex and fourplex.
Commercial rentals in Nigeria
Nigeria also has its fair share of commercial buildings. The requirements, budget and purpose of the company can determine the one to go for. Check below for the various types of commercial buildings in Nigeria.
· Office building
· Retail building
· Industrial building
· Hotels
Offices can be classified into three types, which are:
· Class A office
· Class B office
· Class C office
The class A office features top quality finishes, exceptional accessibility and state of the art systems, while the class B office is not as well equipped as class A, Class C office occupies the lowest rung of the ladder.
Retail commercial building usual contains multiple businesses and can be referred to as multi-tenant commercial buildings. a good example is a shopping centre where multiple shops can be found.
It can also be referred to as a shopping complex. Retail commercial buildings can be classified according to the area located, number of tenants permissible, concept and size.
Industrial buildings, on the other hand, can be further divided into the following:
· Flex industrial building
· Bulk warehouse building
· Light assembly building
· Heavy manufacturing building
It is left for you to decide the right one to choose among them and this can also depend on what your specific needs are in an industrial building. Hotels are also outstanding commercial building and they too can be rented by lodgers and those who sublet them. There are different categories of hotels and they are highlighted below:
· Resort
· Limited service hotel
· Extended-stay hotel
· Full-service hotel
· Casino boutique
A full-service hotel comes with on-site restaurant and room service, while a limited-service hotel usually lacks such services. An extended-stay hotel is the type in which you have to lodge for a very long time and it usually comes with a fully—ready kitchen, large rooms and even guests rooms.
