• Waweru Njuguna

Decline of residential rents in Kenya slows

A new report by Knight Frank shows that whilst still declining, prime residential rents declined at a slower rate of 6.02 percent over the past 12 months to June, compared to a 7.62 percent decline in a comparable period in 2020.

The company’s First Half 2021 Kenya Market Update says the change was mainly attributed to the reopening of the economy, roll out of vaccinations and landlords adjusting rental terms to accept lower rental prices.

The report adds that the continued oversupply of residential developments in certain locations such as Kilimani coupled with the current economic state still makes the prime residential rents sector a buyers’ and tenants’ market.

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