What is the Situation Residential Properties in Owerri in Terms of Rental Value?
Are you recently considering developing a property investment in Owerri Imo State? and you want to know what the rental market says I suppose.
Well, we can find out.
I will start by saying, for those who want to live in the best part of Owerri Town, you should rush now and get that spot because the city’s prices isn’t gonno be joking come 2024 as rents keep going up by 10% – 20% in the past 6 – 8 months with not much supply and a high demand.
Good News for Investors – Sad News for Tenants.
Recently, prices of apartments and houses in Owerri suddenly had a spike, a kind you don’t get to ascertain if it is due to
recent business and economic developments in Owerri,
Or developments in Other parts of the country making the Igbos lose confidence in buying properties out there and now finding out it is safer to buy at home.
Or is it due to the new style building developments, modern style and quality building construction unlike the old style of building without kitchen cabinets and wardrobes.
So what is it ?
The rental prices keeps rising very fast in Owerri that this days you find a one bedroom well finished flat renting for 800,000 – 1 million Naira yearly. it used to be 350k before and people will laugh calling the owner a joker. now the owners are laughing last..
And there are 2 bedrooms that are renting for 1.5 million to 2 million Naira yearly.
While some standard 3 Bedrooms renting for 1.5 million to 2.5 million yearly.
Then you have the king of them which is the Duplexes that rent goes as high as 3 million to 4.5 million and above for yearly rent.
From the recent development as you can see it is clear that in this short while the rental prices in Owerri are beginning to compete with the rental prices in some major parts of Lagos and Abuja.
Ok, This prices sounds great for investors seeking a good ROI, right?
So what property standard can you build in Owerri to get a good rental value on your investment?
I will give you some tips as a Real-estate professional with vast knowledge and most importantly being the persons who have the ONE on ONE interface with the Clients, Tenants and Buyers always in the market.
QUALITY:
One of the most important things to put into consideration when building to get good ROI in Owerri is the fact you need to build a Quality, Standard Apartments or Terraces or Duplexes either For Sale or For Rent, with this you can set your price and you’ll get the right customer and the right price that “your property deserved”.
Making Good or Bad Rentals in Owerri:
The trick of making good rentals in Owerri is, If you develop a sub-standard house (like some landlords would use unprofessional engineers or family members to build) then you might be getting cheap rents which should be what your property is actually worth. that is a Bad investment.
But if you focus on Quality and taste with some modern design and fancy amenities in your structure. then be sure to be the one sitting with a flock of customers begging to pay for your property. Good Investment.
I will say, It is rather disappointing that in this modern advanced times some Landlords in Owerri still build really crap low standard houses that above all they don’t have Wardrobes nor Kitchen cabinet and they expect high rent.
Question is; will you as a landlord rent a house without Kitchen cabinet and Wardrobe?
(some like you see bellow)
NO KITCHEN CABINETS
NO WARDROBE
More disappointing is that most of this Landlords live, base and work Abroad in Countries where they buy or rent houses with full furnishings and even kitchen appliances.
It will be good you know that your people back home are not poor as most of you think, and they can pay for quality and tastefully finished Houses so long as it is worth the price. and in-fact they do pay high prices for quality houses and flats as I will display following
Bellow is a Photo of a Standard well finished 12 flats of 2 Bedroom Apartment in Owerri that was rented at 2 million Naira Yearly. and this property was all almost gone before 3 months of its completion.
Bellow are a 4 units of 3 Bedroom Duplex in Owerri which rented for 2.5 million Naira per unit. it all 4 units got rented out even before the building was concluded.
Bellow is a 1 Bedroom Flat in Owerri which rented for 1 million Naira yearly.
With the few updates above i hope this can make you understand that the city of Owerri has evolved and moved to another level.
in this era where rental houses now come with A/C and partly-furnished I think the Owerri landlords need to upgrade with the trends. no one will rent a house without wardrobe and kitchen cabinet in Lagos or Abuja and if any does it will be for a cheap price. and consistent wall alteration also causes damage to your property
Please don’t build substandard houses in Owerri and expect to get high rental price off, you will still rent substandard property but be ready for whatever you get out of it.
Indeed, houses for rent are scare in Owerri and the demand is high in recent times, the demand for even quality houses is much higher.
So get on it and start developing that your uncompleted block of flats, that your abandoned project, that your vacant plot you left fallow for years underdeveloped. put u that good quality structure you will be proud to live in if you are a tenant, finish if and set your price and get the high ROI you well deserve.
They say, “Put out what you will love to have”.
Build something amazing that will attract a rush of interest and not something you will be struggling to rent or sell.
FYI; People Will Pay a High Price for a Stunning Beautiful well Finished Apartment / House.
same people will offer you peanuts for a CRAP HOUSE….
Build Your Investment Wisely.
For more advice on what kind of project to develop and where in Owerri to develop same, feel free to reach out to us.
We want our people to understand that the investment they seek in other states where they are most times at risk of losing there hard earned property/investment for no reasonable reasons, that they can make even more ROI in Owerri with not much stress or government hassle, not much expenses yet with comfort and peace of mind.
The recent yet sad development is more like an encouragement to those Igbo investors living in diaspora and those who own the many uncompleted structures and plots of vacant lands can start thinking of developing them, before the market overtakes them.
Mc CAPITAL Properties
info@mccapitalproperties.com
www.mccapitalproperties.com