The explosion of the Airbnb market across Ghana has been pushing well- needed cash into pockets of many Ghanaians, but it is providing side effect – the tightening of the rental market.
While figures are not available yet, the explosion in the Airbnb business has left Ghanaian young professionals with difficulty in finding a one or two bedroom apartment to rent for a long term.
What is happening now is that there is no place for the locals, they can’t find properties. So a young professional who needs a one bedroom to rent for US$250 a month can’t get it because a good number of homeowners are now going into Airbnb where they can easily get US$40 to US$60 per night.
This is much more than collecting US$1,200 a month. So what you find most is that owners are going that route and young professionals pretty much don’t have much place to rent these days.
Augustine Ewiah; CEO of Cameo1 Homes warns that Airbnb will only get more popular across Ghana and as such the Government needs to put things in place to deal with the issue.
“The Government needs to arrange with Airbnb so that the percentage of income they collect goes towards housing for its citizens. The Government needs to come out with creative ways and we are ready to sit with the Government to come up with strategies to deal with this,” he submitted.
It is encouraged that those having challenges in renting a place should seek professional help by speaking with a realtor. That is the first thing to do, not just a real estate agent. If business is done with a realtor, there is a degree of professionalism and accountability which can’t be gotten elsewhere.
