PREMIUM Estates in Nairobi where rent dropped The drops stood out as most apartment locations continued to record rental growth. Business Just now
“Rental prices continue to adjust as older apartment stock loses pricing power within a relatively narrow corporate and medical tenant market,” she said of Upper Hill.
She also attributed the dips in Upper Hill to adjustments to structural changes in Nairobi’s office market, while in Lang’ata, the co-chief executive said, the area’s predominantly middle-income tenants have become increasingly sensitive to rising household costs, leaving landlords with little room to sustain past rental increases.
The value of apartment rent in Ruaka, Kitengela, Upper Hill and Lang’ata fell in the past year as a supply glut, weaker corporate demand and pressure on household incomes eroded landlords’ pricing power.
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