Nairobi’s prime rents worst performing, says report

It is bad news for landlords and good news for tenants as Nairobi emerged the the weakest-performing market in the prime rental segment. Rents fell by 9.2 per cent between June 2015 and June 2016. Knight Frank’s Prime Global Rental Index, which tracks the change in luxury residential rents across 17 cities globally says since the third quarter of 2011, Nairobi has recorded an annual prime rental growth of 9.7 per cent on average. “The market is now looking to rebalance,” said the report. The only other African market on the list is Cape Town, South Africa, which recorded a 1.5 per cent increase in the year to to June 2016.