PH Landlords Lament As Tenants Prefer Smaller Apartments


Some landlords in Port Harcourt,  the Rivers State capital, have cried  out over what they refer to as “tenancy crunch”.
They said many apartments which  hitherto were occupied are not vacant even with downward review of rents.
One such landlord,  Mr. Babo Eferebo, a property owner at Elekahia village, lamented that tenants  were now moving from bigger apartments  to smaller ones.
Eferebo stated that his three bedroom appartments were vacant,  as a result of tenants moving into smaller flats like two-bedrooms and one-bedroom flats, inspite of bringing down the rent.
Another  Landlord, Joseph Iyama, whose properties are located at Marine Base, Port Harcourt, stated that he had to remodel  his buildings to smaller one-bedroom and self-contained  apartments, saying, “those are the size of houses tenants are looking for now. The three and two bedroom flats  are not in demand  anymore as tenants. could no longer afford bigger ones.”
Meanwhile, tenants have come up with the excuse that bigger  apartments would spur one into making   big family, saying that with the current  economic trend in the  country, one has to cut his coat according to his cloth.
A senior  civil servant in Port Harcourt, Mr. Addah  Evans, complained  that  the cost of bigger apartment  was taking a toll on his meagre salary and that  he had to more his family to a two  bedroom  flat from the three-bedroom  they were occupying before.
According to him, “the situation in the country calls for prudent spending otherwise you will find yourself on the streets begging”.