The major problem facing the building industries is changing in prices of different items such as cement, block, house rent, etc. The main objective of this study is to develop statistical analysis to measure the price index of house rents in different location in Ilorin metropolis and compare these house rents with the price building materials such as cement and block for a period of time. Profit index analysis was used to measure the change in price and compare it with price of building materials. With this analysis Both the Government and stakeholders will be able to plan ahead, in other to find the solution to the problem of building scarcity