Rent in Nairobi: In yet another indication of how bad things have gotten, a Nairobi landlord has reduced monthly rent for the year 2020 in a bid to keep tenants.
The landlord identified as Bekam Property slashed rent for tenants residing at Deluxe Apartments. The tenants will now pay house rent amounting to Sh. 30 000 down from Sh. 35,000.
The landlord attributed the rent cut to the current tough economic times being experienced in the country. “In consideration of the prevailing economic situation in Kenya, the Landlord has decided to lower your monthly rent from Sh. 35,000 to Sh. 30,000 with effect from February 1, 2020,” the notice read in part.
The new rent costs will take effect from Saturday, February 1, and will last for 12 months.
“This rate will apply for the next 12 months, and we will do another review before February 2021. All other services will be billed as usual,” the statement read.
Real estate developers in Kenya have been undergoing turbulent times as a tough economy pushes people away. The hardest hit have been mall owners who are currently offering free rent for up to six months in an effort to attract tenants.