Rentcom targets Lagos workers’ housing gap with 1,000 apartments

By Prince Osuagwu, Hi-Tech Editor

A group of tech-savvy youths under the aegis of Rentcom, has promised to plug the housing deficit in Nigeria with homes run mainly by technology.
The young lads say they were worried by the lack of quality accommodation for professionals, particularly in Lagos and therefore launched a project to develop 1,000 furnished and serviced apartments across the city.

Rentcom said its Workforce Apartments Lagos project would address a gap in the city’s housing market by providing professionally developed accommodation in major employment corridors. The first phase will comprise 100 apartments across three locations.

Rentcom founder, Dr Adeosun Williams, said the project was designed to connect housing demand with investment in rental infrastructure that could generate income over time.

“We are interested in financing infrastructure that can sustain itself through the revenue it generates,” he said.

“Our systems are specifically directed towards projects where there is a demonstrable supply deficit and a corresponding demand for the infrastructure.”

Williams said the company was approaching the apartments as an income-generating asset intended to meet an identified need.

“We are not approaching Workforce Apartments simply as an apartment development. We are financing rental infrastructure,” he said.

“The objective is to create an asset that addresses a real economic need while generating recurring revenue over its useful life.”

The 100 apartments in the initial phase will form the basis of Rentcom’s planned 1,000-unit programme. The company said the accommodation would be fully furnished and serviced for professionals seeking housing near Lagos’ employment and commercial centres.

Rentcom said its model was to identify infrastructure shortages, arrange capital for development and create assets whose revenue could support their long-term operation. It said the approach could also be applied to other infrastructure projects with clear demand and sustainable revenue potential.

The project was flagged off on September 25. According to the company, the wider programme is intended to expand access to serviced rental accommodation while building a portfolio of income-generating assets.

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