Average cost of rent in different parts of Lagos
There are several reasons why you might consider moving to Lagos. One of these is that the city is Nigeria’s business capital. This indicates that there are numerous business operations taking place. Lagos also has a big population of Nigerians as well as people from other nations. All of these folks are heading to the city in search of brighter pastures.
With an average of 100,000 foreigners and natives arriving to Lagos every day, the state’s housing need is constantly increasing. Despite this, moderate and low-income earners and employees may still afford a share of the available housing. That will be the most important part of this post, as we will look at the cost of renting a property in Lagos. Following that, we’ll go through how much it costs to rent an apartment or a house in Lagos state.
FACTORS INFLUENCING THE COST OF HOUSE RENT IN LAGOS
The cost of renting a property in Lagos is impacted by a number of factors that are almost the same in other urban regions. The following are some of the elements that influence the cost of house rent in Lagos.
- The House’s Location: Lagos is divided into two primary areas: the Lagos Mainland and Lagos Island. The latter is seen as a place dominated by the wealthy and well-off. As a result, housing rent on Lagos Island is more expensive than on the mainland. This means that if you want to rent a property in the neighborhood, you should be prepared to pay a lot of money. In general, renting a house in Lagos Mainland is quite inexpensive; nevertheless, there are still certain areas, such as Magodo and Ikeja, where housing rent is extremely exorbitant and expensive.
- Type of Apartment: The type of apartment you wish to rent has an impact on the cost of renting a property in Lagos. Apartments with three rooms, two rooms, one room, and self-contained dwellings all have different rental costs in the city. The rent of a duplex or cottage in Lagos is similar.
- Facilities: Available amenities is another aspect that influences the cost of renting a property in Lagos. Rent is higher in houses or flats with enough basic facilities and equipment, such as air conditioning, lighting, bathroom and kitchen equipment, and so on.
COST OF RENTING ONE BEDROOM IN LAGOS
If you’re looking to rent a one bedroom flat or apartment also known as Studio apartments in the city, then you should expect the cost of renting a one room flat on the Island to be around ₦600,000 each year. On the other hand, the cost of renting one room flat on the Mainland is around ₦400,000 yearly.
COST OF RENTING 2 BEDROOM APARTMENT/FLAT
Renting a two room apartment on the Island goes between ₦700,000 to ₦1 Million each year while on the Mainland, a two room flat can be gotten at this cost range ₦500,000 to ₦800,000 each year.
COST OF RENTING 3 BEDROOM FLAT
A three-bedroom flat is a spacious home that can accommodate the entire family. The average cost of renting this type of residence in Lagos is higher than the previous ones. A three-room flat on the Island costs between ₦800,000 and ₦1.5 million per year to rent. In addition, the cost of renting a three-room apartment on the Mainland ranges from ₦650,000 to ₦950,000 per year.
COST OF RENTING SELF CONTAIN ROOMS/APARTMENTS
This type of apartment is great for individuals seeking for a place to call home. Renting a self-contained room on the island costs between ₦300,000 and ₦500,000 a year, while renting a self-contained apartment on the mainland costs between ₦200,000 and ₦300,000.
Due to several factors, the prices of some apartments may be higher or lower than presented in this article. In any case, understanding the range of figures will enable you to make the best decision when it comes to home rent in Lagos.
You can also read our post on the average cost of land in Lagos HERE