Rising supply of residential homes pushes rents down

A slow uptake and a rising supply of residential buildings pushed prime rents down in 2015. This is even as rents for prime offices remained largely unchanged. This is according to the latest Knight Frank Kenya Market Update for the second half 2015 released on Tuesday this week.

According to the report, residential rents posted mixed results.  Contrary to a 5.1 per cent drop in prime rents, prices for top-end houses went up 2.9 per cent in 2015. This was attributed to poor performance of other investment classes which saw high net worth individuals seek alternative opportunities.