The Cost of House Rent in Lagos
There are several compelling reasons for anyone to consider relocating to Lagos. The economic capital of Nigeria and West Africa, Lagos, offers a multitude of opportunities, but the most common motivation is for job and business prospects. However, the harsh reality is that the cost of house rent in Lagos is no Joke, especially for those accustomed to more affordable cities across the country.
House rent prices in Lagos have continued to soar due to the daily influx of people into different parts of the city. So, whether you’re new to the city or looking to move to a different area, this guide will provide you with valuable insights.
Factors Influencing the Cost of House Rent in Lagos
Location: In real estate, the saying goes, “location is everything.” Lagos is divided into the Island and the mainland. The Island encompasses upscale areas like Lekki, Ikoyi, Banana Island, Ajah, and the up-and-coming Ibeju Lekki. House rents in most of these areas typically run into millions of naira, with some exceptions in Ajah and Ibeju Lekki. On the mainland, there are highbrow areas like Ikeja GRA, Ogudu GRA, Omole Phase I and II, and Shonibare estate, along with middle-class neighborhoods like Berger, Surulere, and Gbagada. Additionally, there are more affordable areas such as Mushin, Agege, Ijaye, Iyana Ipaja, and Ikorodu.
Type of apartment: Another factor that significantly impacts the cost of house rent in Lagos is the type of apartment you desire. Naturally, a duplex will be more expensive compared to a 2-bedroom flat or a self-contained apartment.
Amenities: Lastly, the amenities included in the house also play a role. It is one of the most import things to know before renting an apartment.An apartment with tiles, a POP ceiling, running water, and all-ensuite rooms will have a higher rent compared to one without these features.
Cost of Rent in Different Areas in Lagos
Please note that these are approximate estimates, and rent costs can vary within each location. Additionally, agency fees, legal fees, and other extra charges are not included in these figures.
In Ogudu, Lagos, the cost of renting a 1-bedroom flat ranges bewteen ₦450,000 to ₦600,000 per annum. 2/3-bedroom flats from ₦900,000 to ₦4,000,000 per annum.
To rent a 1 bedroom flat in Isolo, You’ll need ₦300,000 – ₦500,000per annum depending on your prefrence and location. ₦700,000 – ₦900,000 per year for a 2 bedroom flat and ₦1,000,000 – ₦1,800,000 for a 3 bedroom flat.
The average rent for a 2-bedroom flat in Ikorodu is around ₦350,000 per annum . One bedroom flat costs ₦150,000 – ₦200,000 per annum.
The average price of 1 bedroom flat in Ikotun Igando is ₦250,000 per annum. 3 bedroom flat costs ₦400,00 – ₦700,000 per annum
Alimosho covers a large area so the price may vary a lot. Depending on the area within Alimosho, 2/3-bedroom flats can be rented for prices between ₦600,000 and ₦2,500,000 per annum. 1 bedroom flat can range between ₦180,000 in Ayobo to , ₦250,000 in Sasha or Meiran.
You can find 1-bedroom flats for rent in Ibeju Lekki at prices ranging from ₦250,000 to ₦400,000 per annum. 2/3 bedroom flats ₦500,000 – ₦1,000,000 per annum.
Average cost of 2 bedroom flats for rent in Ifako-Ijaiye is ₦400,000 per annum. More expensive options around ₦1,000,000 per annum while the most affordable options starts around ₦250,000 per annum.
Eko Atlantic City
The average price of 2 bedroom flat for rent in Eko Atlantic City, Lagos is ₦18,500,000 per annum. Rent can go as high as ₦22,000,000 per annum for the most luxurious apartments, while more budget-friendly options are available starting at ₦15,000,000 per annum.
The price of 1 bedroom flat for rent in Gbagada ranges between ₦500,000 per annum in Oworonshoki to ₦1,000,000 in soluyi. The average cost of 2 bedroom flat is ₦900,000 in Iyana Oworo to ₦3,000,000 in Medina Estate.
₦700,000 – ₦1,300,000 per annum for a 1 bedroom flat. ₦100,000 – ₦2,500,000 for a 2 bedroom flat in Magodo.
In Ikeja, you can find 1-bedroom flats for rent around Allen and Opebi, with prices ranging from ₦400,000 to ₦700,000 per annum. Cheaper options may be available in areas like Alhaji Jimoh. 2-bedroom flats in Ikeja range from ₦1,000,000 to ₦3,000,000 per annum and above, depending on the location and amenities.
Victoria Island (VI) is known as one of the most expensive areas in Lagos. For those considering a 1-bedroom flat in VI, a budget of ₦1,400,000 to ₦2,500,000 per annum is required. 2/3-bedroom apartments can be found in the range of ₦3,000,000 to ₦6,000,000 per annum.
A budget of ₦450,000 – ₦700,000 for a 1 bedroom flat around Kilo Marsha , Bode Thomas, Ojuelegba and Lawanson. For 2/3-bedroom flats in Surulere, rental prices range from ₦800,000 to ₦2,000,000 per annum.
You can get a 1 bedroom flat around Ajose or Mende for N400,000 – N600,000 depending on how new the building is. Like other parts of Lagos , the cost of rent for 2/3 bedroom flat in Maryland is ₦1,500,000 – ₦3,00,000
The average price of 2 bedroom flats for rent in Agege, Lagos is ₦550,000 per annum. Although you can find more expensive homes around the gated estates around the area.
You can get a 2 bedroom for around ₦500,000 – ₦800,000 in Festac and ₦450,000 – ₦600,000 in Satellite town .
Lekki Phase 1
The average price of 2 bedroom flats for rent in Lekki, Lagos is ₦3,000,000 per annum. You can get more luxurious options around ₦6,00,000 per annum while the cheapest options costs ₦2,000,000 per annum.
Lekki Phase 2
The average price of 2 bedroom flats for rent in Lekki Phase 2, Lekki, Lagos is ₦2,000,000 per annum. More expensive options at ₦5,000,000 per annum while the cheapest costs ₦1,100,000 per annum.
The average price of 2 bedroom flat for rent in Ajah is ₦700,000 – ₦1,000,000 per annum. It can get get cheaper within Sangotedo axis (₦500,000 – ₦700,000). For a one bedroom flat a budget of ₦350,000 – ₦450,000 around Badore , Awoyaya, Blenco, Abijo.
The average cost of rent in Yaba for a 1 bedroom flat is ₦350,000 – ₦500,000.And ₦600,000 – ₦2,000,000per annum for a 2 bedroom apartment