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Unveiling Accra's Rental Gems: Top 10 Rental Hotspots in Accra
Unveiling Accra's Rental Gems: Top 10 Rental Hotspots in Accra
- by PropHunt Admin
- On 18-02-2024
- at 7:02 PM
Posted In BEST OF PROPHUNT ,RENTING
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Accra is well known as a great place to attend the best university, get a well-paid job, and raise a family. It has always been a popular choice for people of all ages, which is why the city population continues to grow. Buying a property to rent has been a sturdy investment path for as long as property development has been around in Ghana.
In Accra, choosing which neighborhood to invest in can be tricky, given its size, population, and the continued evolution of the housing market. However, there are plenty of areas where great property is entering the market at a much more affordable rate, despite high house prices in some of Accra’s neighborhoods.
With Accra's growing population, there's always a high demand for rental housing, which is why we have prepared a list of the top 10 rental hotspots in Accra where demand is always higher than supply.
The Top 10 Tenant Demand Hotspots In Accra
The top 10 neighborhoods in Accra that have seen the biggest increase in tenant demand in the last few years are discussed below and are worth considering for buy-to-let property investment.
1. East Legon
East Legon tops the list of rental hotspots in Accra neighborhoods, with the most rent requests. Situated close to Accra Mall and an 11-minute drive from the Kotoka International Airport, East Legon enjoys seamless access to a wide array of shopping, dining, and entertainment options.
East Legon is one of the most affluent neighborhoods in Accra. It's home to some of the city's most prestigious schools, hospitals, and shopping malls. As a result, rental prices in East Legon are among the highest in Accra. However, for those who can afford it, East Legon offers a high quality of life with plenty of amenities.
2. Kaneshie
One of Accra’s oldest residential neighborhoods, Keneshie is a popular rental destination for the city’s local businessmen and women thanks to its proximity to Circle and eclectic mix of shops, dining options, and community-centered amenities. In Accra, local businessmen and women consider Keneshie a more affordable option than East Legon, but it still offers a high quality of living.
Kaneshie has seen an influx of young renters in recent times due to its relatively affordable rent prices, which are just located within the city’s center. It is reported that the vast majority of Keneshie’s residents rent their homes, as much as 83%, compared to just 17% who own them.
3. Achimota
Once considered an up-and-coming neighborhood in Accra’s metropolis, Achimota has blossomed into a hip, family-friendly area with a distinct feel and plenty to do for residents of all ages. Exceedingly popular amongst working professionals with families, the area has seen an array of real estate developers parading the place with gated communities and putting up decent housing units for sale.
Achimota has emerged as one of the most sought-after rental hotspots in Accra, located on the Accra highway just after Tesano. With its prime location, serene environment, and modern amenities, Achimota has become a magnet for both local and international tenants. The availability of top-notch educational institutions in Achimota is another major draw for families.
The rental properties in Achimota offer a diverse range of options to suit different budgets and preferences. In terms of rental rates, Achimota is considered a mid-range to high-end market compared to other areas in Accra. The average rent for a two-bedroom apartment in Achimota is approximately GHS 2,500 per month, while a four-bedroom house can range from GHS 5,000 to GHS 8,000 per month.
4. Osu
Osu, a vibrant and lively suburb in Accra, Ghana, has earned its reputation as one of the hottest rental hotspots in the city, thanks in no small part to its bustling nightlife scene. From trendy bars and pubs to pulsating nightclubs and live music venues, Osu offers a diverse range of options to suit every taste and preference.
Osu boasts an excellent school system and an assortment of amenities, not to mention convenient access to Accra’s downtown via Ring Road. The area is best known among Accra residents for its stellar brunch restaurants and numerous dining options, in addition to trendy boutiques and thrift stores lining the area’s bustling streets.
5. Airport Residential Area
The Airport Residential Area continues to be a den for renters. Though there have been a growing number of buyers in the Airport Residential Area, that doesn’t mean that renters are shifting their minds toward owning. More and more newcomers to the city are renting in this lovely neighborhood.
The rental properties in the Airport Residential Area offer a diverse range of options, from cozy apartments to spacious townhouses, ensuring that there is something to suit every preference and budget. Many of these properties come equipped with modern amenities and facilities, providing renters with a comfortable and convenient living experience.
6. Cantonment
Cantonment is one of Accra’s most renowned neighborhoods, and for good reason, the area’s stately architecture is well-recognised. The neighborhood, whose original plan was to become military housing, has now turned into one of the best modern planned residential settlements in Accra. Many diplomatic missions in the country are in the Cantonments area, including the U.S. Embassy. No wonder Cantonments is now one of the best rental hotspots in Accra.
7. Tema
Tema is a city on its own, and its suburbs are known as communities. The communities, numbered from 1 to 25, offer a range of rental options, making Tema a popular hotspot for renters in Accra. Each community in Tema carries its distinct character and charm, catering to a wide array of preferences. From serene and family-oriented neighborhoods to vibrant commercial hubs, renters have a wealth of choices to explore.
The rental market in Tema is highly competitive, with a wide range of properties available to cater to different budgets and preferences. Apartments, townhouses, and even luxury villas are among the options renters can find. Prices can vary depending on the community, size of the property, and proximity to amenities.
8. Dzorwulu
Dzorwulu, a vibrant neighborhood located along the Tema motorway, is rapidly emerging as a sought-after destination for renters in search of their ideal home. Its strategic location, coupled with its evolving new developments, has garnered significant interest from individuals seeking a harmonious blend of convenience and community.
Dzorwulu offers easy access to major thoroughfares, ensuring seamless connectivity to the rest of the city. The Tema motorway serves as a gateway to both commercial and leisure hubs, allowing residents to effortlessly navigate to places of employment, shopping centers, and entertainment venues.
9. Adjiringanor
According to home searchers, Adjiringanor is one of the best rental hotspots in Accra neighborhoods. The neighborhood has recently emerged as one of the most sought-after areas for homeowners looking to move within the Accra Metropolis. Rental prices in Adjiringanor are considerably lower compared to other upscale neighborhoods in Accra.
On average, a one-bedroom apartment can be rented for approximately $500 per month, while a two-bedroom unit can be found for around $700. These rates are significantly lower than those in popular areas such as Cantonments or Airport Residential, where rents can easily exceed $1,000 per month.
10. Dansoman
Dansoman offers a suburban escape within the city. With its family-friendly and cozy atmosphere, green spaces, and affordable housing options, renters in Accra consider this neighborhood perfect for those who desire a quieter, more residential setting while still enjoying the conveniences of city life.
Conclusion
Ghana’s housing market has been notoriously turbulent in recent times, but there are still plenty of opportunities for savvy investors to make a profit. Particularly in major urban centers like Accra, demand for rental housing is higher than ever as students and renters continue to flow into the city. This makes for a great opportunity to enter or re-enter the bustling real estate market.