Asking rents for apartments in Nairobi and its environs reduced by 3.3 per cent in the first quarter of this year, pulling the overall rental market down 0.5 per cent.
This is a result of the rising apartments stock witnessed in 2016, according to the Hass Property Index for the first quarter of 2017.
“The stock of apartments within Nairobi and its satellite towns has expanded to meet the wider demand and as more units enter the rental market, landlords are reining in asking rents to remain competitive,” said Hass Consult head of development consulting and research Sakina Hassanali.
“This is a boon for tenants amidst the general price increases in the economy.”
For detached houses, asking prices dropped 0.2 per cent while those for semi-detached prices fell 0.4 per cent.
Ms Hassanali explained that the detached houses segment is dominated by buyers who purchase the properties to live in and are now postponing buying decisions as the General Election approaches.