HOW TO RENT AN APARTMENT

A lot of people don’t take renting an apartment as seriously as they should. I don’t understand those people. While renting an apartment is not buying, the place will serve as your home and should be considered carefully. Not only is your home a big part of the way you feel about yourself, but it’s also a reflection of how others see you.

In Lagos, an apartment market I know all too well, people often feel lucky to find anything. There’s enormous demand, and sometimes hundreds of people will charge through the streets to look at exorbitantly expensive shoe boxes that they all saw on the internet. To play in this apartment market, or any other real estate market, you have to do your homework. Have a clear idea of your financial needs and your living requirements. Going blindly from apartment to apartment will be a waste of everyone’s time – particularly your own if you are the busy type.

I feel strongly that an apartment should be rented with the help of a good broker. It can be done without one, but to me, that’s like taking pills without consulting a doctor or filling a lawsuit without a lawyer. It’s possible, but it’s stupid. Brokers know the neighborhoods and the specific markets inside and out... Brokers know property values, the pros and cons of certain building, the rules and regulations of pricing and rents, the ins and out of the actual lease. Brokers are educated and licensed, and there’s a good reason for that. They will prevent you from making mistakes that will cost you thousands, or millions, more than the fees that they charge. They will also save you time by filtering out apartments that do not meet your criteria.

But you should never believe everything a broker tells you, do a little bit of research. The broker is, after all, only there for the commission, as concerned and accommodation as he or she may seem. And when it comes to the commission, whether you’re selling, buying or renting, always negotiate. Sometimes brokers do an amazing job and deserve a high commission, but when you enter the relationship, always negotiate from the start. It’s much easier to negotiate the fee at the beginning of a broker relationship. Trying to lowball brokers midway through or at the end of a transaction is poor business form, it is evil.

Whether or not you use a broker, find somewhere you‘ll be happy for a long time. Moving around every couple of years is disruptive and expensive. And most important, figure out what you can afford. It’s not a concern for me, but I would never spend more than twenty-five percent of my salary on rent – no matter how fantastic an apartment you have found. Every naira you pour into rent is a naira you could be using elsewhere – whether it’s for savings, or for utilities, or for enjoying the finer things in life.  It’s okay to stretch yourself slightly and anticipate that in a few years you may be making more money, but that’s not a sure thing – and it’s a safe assumption that your rent will increase at the same rate as your salary. Tenants who cannot pay their rent will go nowhere fast –and certainly,

never make it into the millionaire club.

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