Rents for Two- Bedroom Flats Grow by 26 Percent
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Latest data from the Kenya National Bureau of Statistics (KNBS) has revealed an increase in rent charges for single rooms units over the last five years, a development that has seen low-income earners suffer the most. The official data, however, showed a slow rise in rents for two-bedroom bungalows over the same period.
According to the reports, rents for one room units rose by 30 percent to an average of Sh4,416 per month while that of two-bedroom bungalows increased to an average of Sh29,829 per month, an equivalence of 16% growth.
This means landlords who own single room units pocketed increased returns compared to their counterparts who own two-bedroom bungalows. On the other side, tenants of the two-bedroom units have been less hit by the changes, unlike the low-income earners.
The report tracking rent changes over the five-year period to October 2018, indicates that three-bedroom maisonettes recorded a rise of 18 percent to Sh36,241 while rent charges for two-bedroom flats grew by 26 percent to an average of Sh21,344.
The KNBS report, that does not track rent changes for one-bedroom houses, revealed that the single rooms investment returns were highest in major urban towns. The high returns, according to the report, were as a result of increased urban migration where a majority of the people opt for single room houses due to lack of jobs, or poorly paying ones.
After the owners of single- room units, investment in two-bedroom flats and three-bedroom maisonettes followed in returns, while returns in bungalows were lower amidst the oversupply of high-end housing segment.
The poor, who are the majority, opt for single room units which fit their strained budgets, on the other hand, the middle class opts for two-bedroom flats which are located along routes to commercial districts.
However, the rich prefer maisonettes as they are often located away from town centers, saving them from the noisy environment.
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