Lagos rents soar by 91% in five years

Rental prices in Lagos have seen a significant surge of 91.32% over the past five years, according to data obtained from prop-tech and estate agents.informationguidenigeria

The findings reveal the challenges faced by residents seeking affordable housing in the region. A comparison of 2-bedroom standard apartment rents across 12 different locations in Lagos, including Ikeja, Iyana Ipaja, Ikorodu, Surulere, Ilasa, Gbagada, Yaba, Lekki, Ajah, Epe, Magodo Phase 1, and Ikoyi, indicated a wide range of prices.

While a 2-bedroom apartment in Epe (considered one of the cheapest areas) could be as low as N350,000, rates soared to N10 million in Ikoyi. The data showed varying degrees of increase in rental rates across different locations from 2019 to 2024.

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A developer, Femisi Balogun, told our correspondent, “Adding to this surge, the increasing costs of building materials coupled with inflation have played a significant role. Rapid urbanisation in Lagos has driven high demand for housing, and the rising costs of construction materials have contributed to the overall increase in rental prices.”JAMB Portal

A real estate expert, Odefadehan Christian, said the driving force behind the surge in rental prices could be attributed to inflation, particularly the significant spike in building material costs.NYSC Portal

He said, “The substantial increase in prices for essential materials, such as cement, which has more than doubled from 2,400 in 2019 to 5,500 in 2024, necessitates a corresponding adjustment in rental rates, to compensate for these heightened expenditures.JAMB Result

“Additionally, the evolution of construction techniques and the incorporation of cutting-edge technologies in building infrastructure, encompassing advanced wiring, sophisticated lighting features, and state-of-the-art security systems, contribute to an augmented overall cost of property development.

“Consequently, these advancements in both materials and technology are pivotal factors contributing to the upward trajectory of rental expenses.”

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