Condia Insider: Can tech fix Africa’s rent problem?
- In major cities like Lagos and Abuja, landlords typically demand one to two years of rent upfront.
- Proptech startups like Spleet have attempted to introduce monthly payment models but have faced significant financial challenges.
- A 2024 survey indicated that 63% of Lagos renters prefer annual payments over monthly installments.
The reliance on annual rent payments in Nigeria reflects deep-rooted cultural and economic realities that proptech startups must navigate carefully. While innovation is crucial, understanding the local context and building trust will be essential for any new models to succeed. The slow evolution of the rental market may be frustrating, but it also underscores the importance of relationships in a society where trust is paramount.
