It’s the fad in Sierra Leone for landlords to charge rent in foreign currency notably the US dollars. This has been unsettling for all and sundry especially prospective tenants in the country. It’s also a cause for outrage on why the dollar is preferred over and above the national currency – the Leone in housing transactions in the country.

FS recently spoke to practitioners in the Real Estate sector – known notoriously for this practice with a view to unravel the motivation behind this practice which is increasingly become a source of concern and irritation to the people.

Many real estate agents spoken to cite the instability of the local currency as a primary reason for this practice. David Kandeh, a real estate agent in Freetown is one of them, 'The Leone has lost value significantly over the years. Landlords want to protect their investments, and charging in dollars provides that security.' He said and emphasized that this approach helps landlords ensure a stable return amid rising inflation.

Fatima Sesay, also a Freetown based estate agent is of the opinion that the practice is fuelled by the desire to attract foreign investors. “Expatriates and overseas investors can be drawn to houses listed in dollars”, she told FS. Adding 'Many international companies and NGOs operate here, and they prefer to deal in dollars,' she says. 'By offering rentals in US denominated dollar, landlords can tap into a market that often pays more, which can lead to higher occupancy rates.'

But there are significant impact of this on the local populace. 'For many Sierra Leoneans, it's incredibly difficult to earn in leones and pay rent in dollars,' Samuel Kamara, a young professional in Freetown observed saying accessibility to housing becomes very difficult for many because of this practice. He pointed out that the present widening gap in the property rental mark is a direct consequence of tat practice. “It’s making reasonably priced housing more and more difficult to find for residents”. Mariatu Bangura, another expert in the property market spoke about the need to maintain a balance. 'While landlords are right to want security for their investments, there should be a conversation about fair pricing that reflects local economic conditions,' she told FS in a chat on this issue.

To provide tenants additional alternatives and flexibility, she suggested a dual pricing scheme where rentals are advertised in both dollars and leones.

The practice of renting properties in US dollar underscore the serious need for a national discussion especially as the country’s real estate market continues to undergo drastic changes. There is the need to address the rising concern for a fairer housing market that would meet the needs of locals.