Lagos Rental Prices 2026: Area-by-Area Rent & Fee Guide
Current Rental Prices in Lagos: 2026 Apartment & House Guide
Lagos has Nigeria’s most active rental market, driven by population growth, employment concentration, and limited formal housing supply. Rental prices vary widely by location, property type, and access to infrastructure.
This page provides an overview of current residential rental prices in Lagos, covering apartments and houses across major neighbourhoods.
| Area | Property Type | Unit | Min | Max | Demand | YoY Change | Notes |
|---|---|---|---|---|---|---|---|
| Ikoyi | Apartment | 3-bed | ₦14m | ₦30m | Very High | +25% | Diplomatic and expatriate demand supports premium rents. |
| Victoria Island | Flat / Apartment | All | ₦5m | ₦950m | High | +65.3% | Wide range reflects mix of luxury units and listing outliers. |
| Ikoyi | Flat / Apartment | 3-bed | ₦3m | ₦40bn | High | +75% | Ultra-premium segment; maximum values include extreme outliers. |
| Lekki | Flat / Apartment | 3-bed | ₦120k | ₦80m | High | +66.7% | High listing volume; price spread reflects estate quality. |
| Lekki Phase 1 | Flat / Apartment | 3-bed | N/A | ₦100m | High | N/A | Based on NPC listings FAQ; limited trend data available. |
| Ajah | Flat / Apartment | 3-bed | ₦300k | ₦85m | High | +30.4% | Large inventory; pricing varies sharply by estate and sub-area. |
| Surulere | Flat / Apartment | 3-bed | ₦1.5m | ₦95m | Medium-High | +28.6% | Solid demand; renovated pockets command higher rents. |
| Gbagada | Flat / Apartment | 3-bed | ₦2.5m | ₦110m | Medium-High | +28.6% | Stable pricing in recent months with steady family demand. |
| Yaba | Flat / Apartment | 2-bed | ₦280k | ₦140m | Medium-High | +40% | Demand supported by CBD proximity and major institutions. |
| Ikeja | House | 4-bed | ₦130k | ₦630m | High | +25% | Strong family and corporate tenant demand; wide stock range. |
Hidden Costs: Agency, Legal, and Service Charges
In Lagos, the advertised rent is never the final price. The "Total Package" is the actual amount you pay to get the keys.
Understanding the Lagos Total Package (2026) When renting a property in Lagos, you must budget for an additional 25% to 40% on top of the base rent. While the Lagos State Tenancy Law stipulates that Agency and Legal fees should not exceed 10% each, market reality in 2026 often sees these fees combined with a "Caution Fee" that significantly increases the upfront cost.
| Fee Component | Standard Rate | Description |
|---|---|---|
| Base Rent | 100% | The annual cost to occupy the property. |
| Agency Fee | 10% | Professional commission for the real estate agent. |
| Legal / Agreement Fee | 10% | For the drafting of the tenancy agreement by a lawyer. |
| Caution Deposit | 5% – 10% | A refundable deposit held for potential damages. |
| Total Package | ~130% | The total cash required to move in. |
The "Service Charge" Guide
With the rising cost of diesel and maintenance in 2026, the Service Charge has become as important as the rent itself. This is often the "hidden" cost that makes an affordable apartment suddenly expensive.
Serviced vs. Unserviced: What You Need to Know Most premium apartments in Ikoyi, Victoria Island, and Lekki are "Fully Serviced." This means the landlord provides 24/7 security, water, and power.
1. What's Included? A standard service charge covers:
Power (Diesel/Solar): In 2026, many estates use a "Diesel Deposit" system where you pay for hours used.
Security & CCTV: Gated access and estate guards.
Facility Management: Cleaning of common areas, waste disposal, and sewage pumping.
2. Estimated 2026 Rates:
Lagos Island (Ikoyi/VI): ₦1.5m – ₦4.5m per year.
Lekki (Phase 1/Ikate): ₦800k – ₦2.5m per year.
Mainland (Gbagada/Ikeja): ₦300k – ₦1m per year (mostly for security and water).
Pro Tip: Always ask if the service charge is "All-Inclusive" or if there is a separate "Diesel/Electricity Deposit." In many Lekki estates, the ₦1m service charge covers everything except the light you consume.
Lagos Rental Market Outlook
Rental prices are expected to remain elevated in prime locations, with growth increasingly driven by infrastructure upgrades and employment hubs.
Curious about buying? Compare the cost of buying in Lagos
Lagos Rental Price FAQs
How much is rent in Lagos?
Rent in Lagos varies widely by location and property type. Apartments in emerging areas can start from a few million naira annually, while prime neighbourhoods such as Ikoyi and Victoria Island command significantly higher rents.
What is the average rent in Lagos?
The average annual rent in Lagos ranges from mid single-digit millions for apartments on the Mainland to tens of millions of naira in high-end Island locations. Prices depend heavily on unit size, finishing, and proximity to business districts.
Which areas have the highest rent in Lagos?
Ikoyi, Banana Island, and parts of Victoria Island have the highest residential rents in Lagos. These areas attract diplomatic, expatriate, and corporate tenants, driving premium pricing.
Which areas have the cheapest rent in Lagos?
More affordable rents are typically found in areas such as Ajah, parts of Yaba, Surulere, Ikorodu, and outer Mainland districts. Prices are lower due to distance from major commercial hubs and varying infrastructure quality.
Are rents still rising in Lagos?
Yes, rents in Lagos continue to rise overall, although growth varies by neighbourhood and property type. Prime areas and high-demand corridors are experiencing faster increases.
Is it cheaper to rent on the Mainland or Island?
Renting is generally cheaper on the Lagos Mainland compared to the Island. However, select Mainland locations with strong infrastructure and demand can rival Island prices.
How often do rents increase in Lagos?
Rents in Lagos are commonly reviewed annually, particularly at lease renewal. In high-demand areas, increases may occur more frequently depending on market conditions.
What affects rental prices in Lagos?
Rental prices are influenced by location, access to infrastructure, security, property condition, and proximity to employment centres. Inflation, construction costs, and housing supply also play significant roles.
Is renting better than buying in Lagos?
Renting may be more practical for short-term residents or those seeking flexibility, while buying often suits long-term occupants and investors. The choice depends on income stability, location preference, and long-term financial goals.