Rent prices in Kilimani and Westlands have fallen as tenants previously living in the area have sought to move to more affordable housing a report(first quarter) by real estate and research firm HassConsult has revealed.
According to the data, Kilimani recorded the highest drop in rent prices at 2.8%, while Upper Hill and Westlands followed with declines of 2.2% and 1.2% respectively. Property experts attributed this to the movement of many individuals and families out of the lavish neighborhoods to cheaper areas in response to the economic challenges brought up by the pandemic.
The report has also shown that apartments in Lang’ata registered the highest increase in rent prices at 3.6%, while rents in Parklands and Riverside also rose by 0.9% and 0.6% respectively. During this time, housing units in Donholm posted the largest jump in rent prices for the period under review, rising 2.2 per cent.
House rents in the high-end suburbs of Nyari and Muthaiga, on the other hand, also rose by 1.6% and 1.7% respectively. According to HassConsult, the situation was witnessed as more people intentionally sought out rooms with natural spaces and compounds during the pandemic.