A real estate company in Bauchi, known as Arico Homes and Properties Limited, has raised concerns about the high cost of house rent in the state.
In an open letter directed to landlords in Bauchi, the company highlighted the challenges faced by residents, particularly in the GRA area.
The company acknowledged the expenses related to building materials and property maintenance but stressed the need to consider the economic circumstances of Bauchi, where many residents rely on fixed salaries.
Arico Homes and Properties Limited urged landlords to set reasonable rent prices that align with the income levels of residents, taking into account maintenance costs and property taxes.
The company emphasized the importance of providing affordable housing options to address the housing shortage in Bauchi and called on investors to consider opportunities in the real estate sector within the state.
By investing in affordable housing projects, Bauchi has the potential to become a center for real estate development, leading to job creation, economic growth, and an improved standard of living for its residents.
Arico Homes and Properties Limited hopes that landlords and investors will heed their appeal and make necessary adjustments to rent prices to better reflect the economic situation in Bauchi.