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This a very good question that deserve to be answered. The future for tenants is one that is filled with both challenges and opportunities. On the one hand, the cost of living is increasing, which can make it difficult for tenants to afford a place to live. On the other hand, new technologies are making it easier for tenants to find and secure housing.   

 

In terms of rental costs, tenants can look forward to an increase in rental affordability in many markets. This is due to a number of factors, including a growing number of rental properties on the market and encouraging government policies that aim to increase access to housing.   

 

Renters also have access to more and better rental services than ever before. Whether they’re looking for a new home or negotiating with their landlord, tenants now have access to a variety of helpful services designed to make renting easier. These include websites that allow tenants to compare prices and quickly find available rentals, as well as mobile apps that allow them to communicate directly with their landlord or property manager.   

 

Finally, technology is also changing the way tenants interact with their landlords. Instead of relying on paper-based contracts and traditional methods of communication, tenants can now use digital tools to securely sign leases and easily communicate with their landlords. This can help make the renting experience smoother and more efficient.   

 

Overall, while there are still challenges that tenants face, the future looks bright. With increased affordability and access to helpful services, as well as better communication tools, tenants will have more options and resources than ever before.    

 

As rental prices keep going up in many places across the world and renting becomes more popular with different generations, tenants need to be aware of potential changes coming to the rental landscape.     

9-1
The real estate sector in Nigeria has recorded tremendous growth over the years and has become a lucrative venture for development firms, and investors alike. However, as Nigeria’s real estate sector continues to evolve, several challenges facing the sector have also hampered it from realizing its true potential.   

 

These challenges range from the constant increase in rent, housing deficit, under-regulation and so much more. All these have made the Nigerian property market a mix of opportunities and challenges that can only be navigated by investors who are optimistic about converting it into a viable long-term profit.   

 

"There are lots of factors that contribute to the affordability of a property. These range from the cost of processing the necessary documentation to get approvals to construct, the cost of land, construction materials, labour, power, and several other factors.   

Houses can be affordable. But it will require a lot of effort and collaboration to make it possible. The Government will need to put policies in place that support the construction of houses, like Public-private partnerships, where they provide land and the developer builds, rent to own schemes, easy access to mortgage at fair rates and more. While the term affordability is subjective, you will agree that paying a million naira annually for 10 years is a lot more affordable to many than having to cough our 10 million naira to outrightly purchase a property. Our mortgage system will definitely need to be worked on beyond the current exorbitant offerings, so that people can not only access it, but can get a fair rate." - Noah Ibrahim, CEO of Novarick Homes    

As tenant needs and preferences shift, landlords will have to adapt in order to attract and keep tenants. To do this, many landlords are turning to technology, offering more than just basic amenities — such as wi-fi, flat-screen televisions, keyless entry locks — but features that can make a tenant’s life easier and more enjoyable. They may be incorporating smart home technology or providing access to rental discount programs in order to set their property apart from the competition.    

 

Technology has already changed the way landlords interact with tenants, and more changes are sure to come. For example, smart home technology could become a fixture of rental properties in the near future. Smart locks and thermostats can make entering an apartment easy and efficient for tenants, while allowing landlords to keep an eye on their property from afar. Automated software and apps designed to manage rent payments may also become popular, making it even easier for tenants to pay their rent on time. In addition, discount programs will likely continue to be provided by many landlords in order to attract new tenants or reward loyal customers.    

 

With rent costs continuing to rise in many areas, legislatures are beginning to pass laws that protect tenants from drastic hikes and unfair evictions by placing limits on how much landlords can charge. This is creating a different playing field for the renter versus the homeowner - renters don't have appreciation rates or tax incentives available like homeowners do, so legislation is often one of the few ways they receive protection. While these laws provide immediate relief, they also can create uncertainty in the long-term; if too much legislation goes too far, it could force rents down and negatively affect local housing markets.    

 

Trending - Free social media iconsTRENDING IN NIGERIA: How often can a landlord increase rent in lagos state    

 

As cities become more “smart” and technology-driven, tenants can benefit from new innovations that are designed to make their lives simpler. For example, many cities are now installing smart meters to help track energy usage, making it easier for landlords to bill tenants accurately. On the other hand, some cities are investing in networked cameras and sensors that feed data directly into a tenant's electronic device; this allows renters to check on their apartment status in real-time such as temperature and lighting levels. Smart city technologies also open up the door for improved communication between landlords and tenants by providing them access to tools like automated rental payments and maintenance requests.    

 





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