A real estate company in Bauchi, Arico Homes and Properties Limited, has lamented the exorbitant house rent across the state.

Arico Homes and Properties Limited,

While expressing its concern on the issue through an open letter addressed to landlords in the state, which was made public on its Facebook handle, the company explained that “As stakeholders in the real estate sector, we are compelled to address a pressing concern affecting many residents in Bauchi, particularly in the GRA area.

“The exorbitant rent in Bauchi has become a significant burden for many individuals and families.”

The letter maintained that “We are not ignorant of the cost of building materials and maintenance. However, it’s essential to consider that Bauchi is predominantly a salary-based state with limited economic activities.”

The company emphasised that the disposable income of residents is relatively low, noting that it is essential to recognise this reality when determining rent.

“We urge you to consider the economic conditions of Bauchi and set rent based on realistic values, taking into account the costs of maintenance, property taxes, and other expenses.

“The current rents in Bauchi, especially in GRA, are unsustainable and have resulted in a significant shortage of affordable housing options.

“To address the housing deficit in Bauchi, we call on investors to explore opportunities in the state. There is a pressing need for affordable and decent housing units. We believe that with the right investment, Bauchi can become a hub for real estate development, creating jobs, stimulating economic growth, and improving the overall standard of living, “it stated.

Arico Homes and Properties Limited hopes the landlords and investors will consider the appeal and take necessary steps to adjust rent to reflect the economic realities of Bauchi.