In Kumasi, the capital of the Ashanti Region, accommodation costs have risen sharply over the last two years due to increased prices of building materials, goods, and services.

Research by the B&FT reveals that rents have jumped between 50 and 130 percent. For example, a self-contained single-room apartment that cost GH¢150 per month in 2022 now rents for GH¢350 to GH¢400.

A single-room apartment with a shared toilet and bathroom, previously priced at GH¢60 to GH¢80, now ranges from GH¢100 to GH¢200.

Moreover, a two-bedroom house in Kumasi, which used to rent for about GH¢500, now ranges from GH¢600 to GH¢1,000.

This rise in rental prices has caused concern, as landlords often require rent payments for one or two years in advance, putting financial strain on tenants. Consequently, tenants are now paying between GH¢6,000 and GH¢24,000 for two years of accommodation, depending on the type of housing.

In an interview, Agnes Quaye, a landlady in Sokoban, Kumasi, who has been renting out rooms for nearly two decades, explained that the dramatic increase in building material costs since 2022 has led to higher rents.

“I do not charge exorbitant rates for my rooms. I take GH¢200 for my single-room with a shared bathroom and toilet, and GH¢600 for my two-bedroom house. Some landlords who do not have other sources of income often price their rates very high. I increased my rates in 2022 when goods and services on the market shot up significantly,” she explained.

Asked if she would reduce her rent should prices of goods and services decrease, Madam Quaye was quick to say: “I am not sure the price of cement will drop to GH₵50,” she stressed.

Meanwhile, some renters are expressing frustration over the rising rates and are urging for immediate action to ease their situation.

Kofi Osei, a 46-year-old courier with a family of six, has been renting a two-bedroom house in Brofoyedu, Atwima Kwanwoma Municipality near Kumasi, for more than nine years. He explained that his rent, which was GH¢4,800 for two years, was raised to GH¢10,000 last December when his lease ended.

He told B&FT that the rent hike has significantly impacted his budget, making it challenging for him to afford the increased amount.

“It’s just too much,” he lamented, adding that “I have a wife and four children, one of whom is in university. Other goods and services are equally expensive, and adding this rent is just too much. I plead with government to intervene and build more affordable houses for people like us to rent, or else these property owners will run us dry.”