Editor's Review

The drop in rent was occasioned by the tough economic times that were also characterised by the Anti-Finance Bill protests.

A report by real estate company HassConsult has revealed 7 estates where rental prices have dropped.

In the report covering July to September 2024, most of the estates that witnessed a drop were located in Nairobi Satellite towns.

Kitengela witnessed the biggest drop at 3.6 per cent while Ngong witnessed a drop of 2.8 per cent.

Other estates were Mlolongo, Kiserian, Limuru and Tigoni.

File image of Parklands Estate in Nairobi.

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Within Nairobi, Gigiri was the only estate within the suburbs that saw landlord drop their rent asking prices.

As detailed in the report, the drop in rent was occasioned by the tough economic times that were also characterised by the Anti-Finance Bill protests.

"Protests that affected the country during the year in June and July saw cautious pricing in a period of uncertainty, dampening the market that was coming off a period of strong price growth in the last quarter of 2023 and the first half of 2024," read the report in part.

“The property rental market eased after a strong period of growth between October 2023 and June 2024, when monthly rental price growth averaged 3 per cent. The market aligned with prevailing tough economic conditions, characterized by protests in June and July."

Increase in Rent

On the other hand, some estates saw the rent prices slightly grow despite the tough economic times facing most Kenyans.

Some of the Nairobi areas where the rent prices increased include Westlands, Karen, Kileleshwa, Kilimani, Loresho and Runda.

Within the satellite towns, rent increased in Syokimau, Ruaka, Kiambu and Athi River.