APARTMENTS IN UPPERHILL, NAIROBI. TWO REAL ESTATE INVESTORS PLAN TO PUT
UP 1,452 HOUSING UNITS IN NAIROBI’S RIRUTA SATELLITE. FILE PHOTO | NMG
Summary
- Data shows that rent for a three-bedroom maisonette rose to an average Sh33,903 in June from Sh32,797 in the same month of 2016.
- The rise in the units, popular with rich homes, is the fastest compared to other house categories, meaning the affluent have not been hard hit by rising renting costs.
- Two-bedroom flats, popular with the middle class, recorded the slowest rent growth in the past one year.
Developers of three-bedroom maisonettes
have for the first time gained higher renting returns in the past one
year compared with investors in two-bedroom flats and single-room
houses, signalling recovery of the top-end housing segment after years
of a lull.
The Kenya National Bureau of Statistics
(KNBS) data shows that rent for a three-bedroom maisonette rose to an
average Sh33,903 in June from Sh32,797 in the same month of 2016 —
representing a rise of 3.3 per cent in the past year from a growth of
1.5 per cent a year earlier.
The rise in the units,
popular with rich homes, is the fastest compared to other house
categories, meaning the affluent have not been hard hit by rising
renting costs.
This bucks a trend where rent for the
spacious units have over the years trailed other housing segments amid
concerns of a glut in the top-end market.
Two-bedroom
flats, popular with the middle class, recorded the slowest rent growth
in the past one year, benefitting tenants and fetching the least returns
to investors.
The
KNBS data shows that their rents are up a paltry 1.5 per cent to
Sh20,362 from an average Sh20,056 a year earlier while a two-bedroom
bungalow is up 1.6 per cent to Sh28,251.
The bureau does not currently track the rent for one-bedroom houses.
The
KNBS data shows Nairobi’s middle class homes spend the bulk of their
monthly income (23.6 per cent) on housing, utilities and cooking gas,
exposing them most to the rising costs.
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