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Boon for Nairobi landlords as quarter two rents up - 9 months ago, 11 July 09:27

Charles Mwaniki

Landlords in Nairobi raised rents by an average of 3.3 per cent in the second quarter of the year as normalcy and confidence returned to the property market following a difficult 2017.

Realtors HassConsult second quarter property index report shows that rents have risen fastest in Ruaka, Lang’ata, Parklands, Westlands, Limuru and Tigoni.

Gigiri, Ngong and Lavington, on the other hand, led in house price increases.

Total returns on property — which combine rental yield and sales prices— have as a result gone up to 11.4 per cent over the quarter compared to 4.3 per cent in quarter two of 2017.

“Landlords are now confident enough to renew rent escalations, which had been halted over the last year due to uncertainty (in the economy). The biggest beneficiaries are landlords who own units in suburbs and satellite towns that have traditionally been semi-detached house markets,” said HassConsult head of development and research Sakina Hassanali.

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