Cost of renting in Cebu, Manila among the highest in Asia — report

This undated photo shows Magellan’s Cross in Cebu City.

MANILA, Philippines — Paying rent in Cebu and Manila has become less affordable since 2017, making them one of Asia’s worst cities for renting.

In 2017, locals in Cebu typically set aside 114% of their average monthly salary after tax to afford a one-bedroom apartment in the city.

But according to a report released Friday by Online Mortgage Advisor, a UK-based mortgage company, Cebuanos would have to earmark 182% of their monthly income to pay rent in the city in 2021.

This means Cebu has become 68.1% less affordable for renters since 2017.

Meanwhile, locals in Manila now have to spend 51.7% more of their monthly salary on rent. Renting in Makati has also become less affordable by 27.2% between 2017 and 2021, Online Mortgage reported.

Online Mortgage said its data came from Numbeo, a crowd-sourced global database of cost of living.

The findings made Cebu the third worst city for renting affordability in Asia, only beaten by Tehran in Iran (1st place) and Colombo in Sri Lanka (2nd place). Globally, the central Philippine city ranked fourth.

Manila saw the fifth worst affordability change in Asia. The capital city is ranked 7th place globally.

Lastly, Makati was the 9th worst city in Asia for renting. It placed in the 18th spot globally.

Online Mortgage said Lagos in Nigeria is now the worst city in the world for renting. Between 2007 and 2021, paying rent in Lagos has become more expensive by 358.2%. — Ian Nicolas Cigaral

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The article was originally published in Phil Star Global.