LAGOS RENTAL PRICES
Lagos Rental Prices December 2025 | Apartment & House Rent 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 | Avg Annual Rent | Min | Max | Demand | YoY Change | Notes | Updated |
|---|---|---|---|---|---|---|---|---|---|
| Ikoyi | Apartment | 3-bed | ₦18m | ₦14m | ₦30m | Very High | +25% | Diplomatic and expatriate demand supports premium rents. | Dec 2025 |
| Victoria Island | Flat / Apartment | All | ₦18.1m | ₦100k | ₦950m | High | +65.3% | Wide range reflects mix of luxury units and listing outliers. | Dec 2025 |
| Ikoyi | Flat / Apartment | 3-bed | ₦35m | ₦3m | ₦40bn | High | +75% | Ultra-premium segment; maximum values include extreme outliers. | Dec 2025 |
| Lekki | Flat / Apartment | 3-bed | ₦10m | ₦120k | ₦25bn | High | +66.7% | High listing volume; price spread reflects estate quality. | Dec 2025 |
| Lekki Phase 1 | Flat / Apartment | 3-bed | ₦15m | N/A | ₦100m | High | N/A | Based on NPC listings FAQ; limited trend data available. | Dec 2025 |
| Ajah | Flat / Apartment | 3-bed | ₦3m | ₦300k | ₦85m | High | +30.4% | Large inventory; pricing varies sharply by estate and sub-area. | Dec 2025 |
| Surulere | Flat / Apartment | 3-bed | ₦4.5m | ₦1.5m | ₦95m | Medium-High | +28.6% | Solid demand; renovated pockets command higher rents. | Dec 2025 |
| Gbagada | Flat / Apartment | 3-bed | ₦4.5m | ₦2.5m | ₦110m | Medium-High | +28.6% | Stable pricing in recent months with steady family demand. | Dec 2025 |
| Yaba | Flat / Apartment | 2-bed | ₦3.5m | ₦280k | ₦140m | Medium-High | +40% | Demand supported by CBD proximity and major institutions. | Dec 2025 |
| Ikeja | House | 4-bed | ₦15m | ₦130k | ₦630m | High | +25% | Strong family and corporate tenant demand; wide stock range. | Dec 2025 |
Rental prices reflect market averages and are updated periodically by Nigeria Housing Market.
Lagos Rental Market Outlook
Rental prices are expected to remain elevated in prime locations, with growth increasingly driven by infrastructure upgrades and employment hubs.
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.