Picture: Hon Prince Ken Anazodo
By David Onwuchekwa
For many students of Nnamdi Azikiwe University (UNIZIK), Awka, securing decent accommodation outside the university environment has become an increasingly expensive undertaking, with annual rents in some student hostels now reaching as high as N700,000.
The surge, according to a Chartered Estate Surveyor and Valuer, Hon. Prince Kenneth Anazodo, is being driven by a combination of rising construction costs, inflation, government taxes and levies, increasing land values and, most importantly, a widening gap between the demand for student accommodation and available supply.
Anazodo, who is the Chairman and Chief Executive Officer of Anchorville Limited, a property management company operating in Nnewi, Anambra State, has decades of experience in property management and has been involved in the management of student accommodation facilities serving UNIZIK students in Awka and at its Okofia, Nnewi campus.
In an interview with The Nijasun, he explained that the rising cost of accommodation should be viewed against the broader economic realities confronting property owners and developers.
From N300,000 to N700,000
According to Anazodo, the cost of student accommodation varies depending on the quality of the building and the facilities provided.
He explained that a hostel relying mainly on electricity from the national grid could cost about N300,000 annually, while accommodation with solar power in addition to public electricity could rise to approximately N400,000.
Where additional facilities such as Starlink internet service are provided, he said, annual rent could reach N700,000.
The estate surveyor noted that newer buildings tend to attract higher rents because of the enormous investment required in land, construction materials, labour and modern facilities.
He recalled that some accommodation facilities under his management rented for between N300,000 and N500,000 last year, depending on their facilities.
“Today, the accommodation that was rented for N300,000 is now about N450,000, while one that was N400,000 in 2025 is now around N550,000,” he said. He added that accommodation that was previously around N700,000 had also appreciated.
Students Feel the Heat
The rising rents are taking a toll on students, many of whom can no longer comfortably afford accommodation on their own.
Anazodo said the situation has made room-sharing increasingly common, with two students sometimes occupying accommodation that one student might previously have rented alone.
He explained that property managers under his supervision do not permit more than two students to occupy a room, although some tenants sometimes bring additional roommates without the knowledge of management.
“Some students still take accommodation alone, but that is becoming relatively rare because of the increasing cost,” he said.
For students, the situation means that securing accommodation now requires not only payment for rent but also careful consideration of the facilities being offered and the additional costs associated with them.
Cement, Labour and the Rising Cost of Construction
Anazodo attributed a significant part of the rent increases to the escalating cost of construction. He disclosed that a bag of cement which sold for between N10,000 and N11,000 in January had risen to about N12,400.
The increase, he said, was not limited to cement, as virtually all major building materials had become more expensive.
Labour costs have also risen sharply.
According to him, a professional bricklayer or artisan could charge about N20,000 per day, while lower-skilled workers could charge around N15,000 daily. With developers spending more on land, materials and labour, Anazodo said, the eventual cost of accommodation inevitably reflects those increased investments.
The Quack Estate Agent Problem
Beyond inflation and construction costs, Anazodo identified another challenge confronting the property sector, the activities of unqualified persons operating as estate agents.
He distinguished between properly trained estate surveyors and valuers and individuals who simply enter the property business to collect commissions.
“Many people who have no professional knowledge of property management simply enter the industry and begin to manage properties,” he said.
He said some unqualified agents demand money from prospective tenants before taking them to inspect available properties.
A properly trained estate surveyor, he explained, should allow a prospective tenant to inspect a property before the transaction is concluded and the appropriate professional fees are paid.
He described quackery in the industry as “extremely rampant and worrisome,” warning that it damages the reputation of genuine professionals.
Who Really Determines Rent?
The question of who determines the rental value of a property, Anazodo disclosed, is another contentious issue.
He said some unqualified agents impose excessive charges on tenants sometimes demanding commissions that are disproportionate to the actual rent.
He gave the example of a prospective tenant seeking a room for N100,000 but being asked by a fake agent to pay another N100,000 as commission.
Anazodo called for stronger regulation of the sector to check such practices.
He also disclosed that even professional estate surveyors sometimes face difficulties with landlords who insist on fixing rents according to their personal expectations rather than professional valuation.
He said a professional surveyor could inspect a property and advise a landlord to reduce the rent because of deficiencies in the building, only for the landlord to insist on a higher amount.
“Property valuation should be based on professional assessment, location, condition, facilities, demand and other relevant factors,” he said.
Government’s Role
Anazodo believes government has an important role to play in tackling the accommodation crisis.
He called for legislation and stronger regulation of the estate management industry, arguing that professionals should be involved in developing a framework capable of sanitising the sector.
He also advocated rental valuation mechanisms in areas experiencing intense accommodation pressure, so that properties are priced according to their actual value.
More importantly, he urged government to construct low-cost hostels around universities and other institutions of higher learning.
“If government can provide affordable accommodation for students, it will reduce the pressure on private accommodation providers,” he said.
He added that such intervention should not be restricted to university communities but should also extend to urban centres experiencing severe accommodation shortages.
Demand Versus Supply
For Anazodo, the underlying problem is straightforward: there are more people looking for accommodation than there are available rooms.
He said the situation is not peculiar to UNIZIK, noting that similar pressure exists around other university communities, commercial areas and major urban centres.
“As long as demand continues to exceed supply, the price mechanism will naturally take effect,” he said.
He therefore advocated increased investment in affordable accommodation, proper property valuation and effective regulation of the estate management profession.
He also suggested the establishment of appropriate mechanisms, including arbitration panels, to address disputes where landlords, tenants or property managers violate established regulations or professional standards.
Ultimately, Anazodo said, government, developers, landlords, professional estate surveyors, property managers and tenants must all contribute to addressing the accommodation crisis.
For UNIZIK students already confronting rents that can climb from N300,000 to N700,000 a year, however, the debate is no longer simply about where to live. It is increasingly about whether decent accommodation remains financially within reach.
Tags: #UNIZIK #StudentAccommodation #RentCrisis #Anambra
