Soaring Rents Spark Housing Crisis Fears in Ekiti

Residents across Ekiti State are facing mounting pressure due to a significant surge in housing and accommodation expenses. Calls are growing for government intervention to address the situation, which many fear could escal,ate into a broader crisis.

Official data from the National Bureau of Statistics highlights Ekiti as having one of the nation’s higher inflation rates, with rising rents being a primary contributor. The cost of accommodation is reported to be particularly steep in the state capital, Ado-Ekiti, and in towns hosting universities.

Recent findings indicate that in areas such as Ado-Ekiti, Oye-Ekiti, Ikere-Ekiti, and Iyin-Ekiti, annual rents for a single room near campuses now range from ₦80,000 to ₦150,000. Self-contained apartments are fetching between ₦200,000 and ₦350,000, while two-bedroom flats cost between ₦400,000 and ₦500,000 annually.

The increases are placing a considerable burden on students, families, and low-income earners, with some residents expressing concerns over affordability.

Echoing these concerns, community leader Chief Joshua Olaoye cautioned that without prompt measures, the rising costs could make the state increasingly difficult for students and residents. Similarly, Professor Gbenga Aribisala, Vice-Chancellor of the Federal University of Technology and Environmental Sciences (FUTES), Iyin-Ekiti, has appealed to traditional leaders for action, warning that unchecked rent hikes could disrupt university activities.

In response to the growing issue, the Speaker of the Ekiti State House of Assembly, Adeoye Aribasoye, has stated that the legislature has begun a review of the state’s tenancy and housing regulations.