Real estate, in particular, residential house investors in Nyahururu town are excited over the building and rehabilitation of bypasses meant to ease congestion even as they decried shrinking tenant-ship as competition sets in.
The town has witnessed a boom in residential house construction on the outskirts, unlike previously when investors preferred building along the highways.
“Previously, we were worried to set up rental houses in town outskirts due to low demand. Now, the tarmacked bypasses act as highways, thus, easily attracting tenants,” Simon Waweru, an investor said.
He added that the projects underway would bring a tremendous change to the face of Nyahururu that has seen a great turn of development, away from the Central Business District.
“As you enter the town from Nairobi, from a glance you can notice new buildings under construction with others having been completed. The value of land has appreciated, with a quarter an acre now going at around Sh.1.1 million,” Waweru noted.
Vincent Omondi, a landlord in the town said that due to many houses being constructed, it was difficult to find tenants.
“It is an uphill to search for tenants now. Many house owners operate with agencies so as to market the houses,” Omondi said, adding, agencies help in acquisition of tenants, rent collection and house management.
“As you circumnavigate Nyahururu town and its outskirts you will notice different agencies taking charge of houses and commercial buildings. We charge rent according to the size with the cheapest ranging from Sh2, 000 to Sh5, 000 and the highest from Sh20, 000 and above,” said Patrick Ngugi, a supervisor at Digma Agency.
The residents are also excited due to the affordability of houses and emergence of good roads.
“Two years back, it was difficult to find a house around our area. Now, they are available and cheaper,” Maurine Nyapae said, observing that the landlords are now competing to offer best services to win the tenants.
Nyahururu is the biggest town in Laikipia County with a population of 58,943 residents according to 2019 census.
by Andrew Walyaula/Patrick Luke Ndung’u