A mixture of rising supply and falling demand resulted in a decline in prime residential rents in Nairobi during the first three months of the year, property consultant Knight Frank said in its Prime Global Rental Index released yesterday.
The quarterly index, which tracks the performance of luxury residential rents across 17 key world cities, showed prime rents in Nairobi decreased by 2.9 per cent in the first quarter.
Rent costs started from Sh250,000 for apartments, and Sh300,000 for townhouses and stand-alone houses, the quarterly survey shows.
“The decline can be attributed to increased supply, giving tenants room to negotiate with landlords,” the report states.
“One of the factors affecting demand from expatriates has been the slowdown in the oil industry, which has resulted in downsizing of operations by firms in the sector.”
The quarterly index, which tracks the performance of luxury residential rents across 17 key world cities, showed prime rents in Nairobi decreased by 2.9 per cent in the first quarter.
Rent costs started from Sh250,000 for apartments, and Sh300,000 for townhouses and stand-alone houses, the quarterly survey shows.
“The decline can be attributed to increased supply, giving tenants room to negotiate with landlords,” the report states.
“One of the factors affecting demand from expatriates has been the slowdown in the oil industry, which has resulted in downsizing of operations by firms in the sector.”
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