Authored by the expert who managed and guided the team behind the Nigeria Property Pack
Everything you need to know before buying real estate is included in our Nigeria Property Pack
If you're looking at the Nigerian rental market, you're probably wondering what rents actually look like on the ground in 2026.
Nigeria doesn't have one single "national rent" because Lagos and Abuja set a high-price ceiling while many other states sit much lower, and that's what makes understanding Nigerian rents a bit tricky.
In this article, we break down current rental prices in Nigeria, neighborhood by neighborhood, and we keep updating this information regularly so you always have the freshest data.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Nigeria.
Insights
- Lagos 2-bedroom rents in 2026 run about 30% higher than the Nigeria-wide average, which means paying roughly ₦595,000 per month in Lagos versus ₦460,000 nationally for the same apartment size.
- Reliable power backup (inverter plus generator) can boost Nigerian rental prices more than luxury finishes because tenants prioritize not losing electricity over having marble countertops.
- Nigeria's rental vacancy rate in prime Lagos and Abuja areas sits between 3% and 8% in 2026, which is tight by any global standard and explains why landlords hold pricing power.
- Young professionals in Nigeria cluster in areas like Yaba, Lekki, and Wuse 2 where they can balance rent costs with commute times, typically paying ₦150,000 to ₦250,000 monthly for a 1-bedroom.
- The January to March window is peak rental season in Nigerian cities because of new year job relocations and fresh employment contracts starting in Q1.
- Nigerian landlords often receive rent net of a 10% withholding tax deducted at source, which many first-time investors don't realize until they see their first payment.
- Well-priced rentals in major Nigerian cities typically find tenants within 30 to 90 days, but overpriced units can sit for 6 months or longer.
- Rent growth in Nigeria for 2026 is expected between 10% and 20% nationally, with prime Lagos submarkets potentially seeing increases up to 25%.
What are typical rents in Nigeria as of 2026?
What's the average monthly rent for a studio in Nigeria as of 2026?
As of early 2026, the average monthly rent for a studio apartment in Nigeria is around ₦125,000, which works out to approximately $85 USD or €80 EUR at current exchange rates.
The realistic range for studio rents in Nigeria spans from about ₦60,000 per month ($40 USD / €38 EUR) in less central areas to ₦300,000 per month ($200 USD / €190 EUR) in prime Lagos neighborhoods like Lekki or Victoria Island.
The main factors that cause studio rents to vary within Nigeria are location (Lagos versus other states), proximity to business districts, building quality, and whether the unit comes with reliable power and water infrastructure.
What's the average monthly rent for a 1-bedroom in Nigeria as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment in Nigeria is approximately ₦180,000, which translates to around $120 USD or €110 EUR.
The realistic range for 1-bedroom rents in Nigeria runs from about ₦80,000 per month ($55 USD / €50 EUR) in affordable areas to ₦400,000 per month ($265 USD / €250 EUR) in premium locations like Ikoyi or Maitama.
For the cheapest 1-bedroom rents in Nigeria, look at areas like Ajah, Surulere, or Kubwa, while the highest 1-bedroom rents are found in prime districts such as Victoria Island, Banana Island, and Asokoro.
What's the average monthly rent for a 2-bedroom in Nigeria as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom apartment in Nigeria is around ₦460,000, equivalent to approximately $305 USD or €290 EUR.
The realistic range for 2-bedroom rents in Nigeria stretches from about ₦200,000 per month ($135 USD / €125 EUR) in secondary cities to ₦1,200,000 per month ($800 USD / €750 EUR) in the most desirable Lagos locations.
The cheapest 2-bedroom rents in Nigeria are typically found in areas like Ikorodu, Ojo, or Gwagwalada, while the most expensive 2-bedroom apartments are in neighborhoods such as Banana Island, Eko Atlantic, and Maitama.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Nigeria.
What's the average rent per square meter in Nigeria as of 2026?
As of early 2026, the average rent per square meter in Nigeria is approximately ₦6,000 per month, which equals roughly $4 USD or €3.75 EUR per square meter.
The realistic range for rent per square meter in Nigeria varies from about ₦3,000 per month ($2 USD / €1.90 EUR) in affordable neighborhoods to ₦15,000 per month ($10 USD / €9.40 EUR) in prime Lagos areas like Victoria Island.
Lagos specifically averages around ₦8,000 per square meter per month ($5.30 USD / €5 EUR), which is notably higher than cities like Port Harcourt, Ibadan, or Kano where rents per square meter tend to stay below the national average.
Property characteristics that push rent per square meter above average in Nigeria include reliable power infrastructure, secure gated access, water treatment systems, and location within established estates with professional management.
How much have rents changed year-over-year in Nigeria in 2026?
As of early 2026, rents in Nigeria have increased by approximately 10% to 20% year-over-year, with prime Lagos submarkets experiencing even higher jumps in some cases.
The main factors driving rent changes in Nigeria this year include persistent inflation, naira depreciation effects on construction costs, continued urban migration to Lagos and Abuja, and the structural housing deficit that keeps demand strong.
This year's rent increase in Nigeria is actually slightly more moderate than the previous year, as the Central Bank of Nigeria's inflation projections suggest easing price pressures which typically cools the most aggressive rent repricing.
What's the outlook for rent growth in Nigeria in 2026?
As of early 2026, rent growth in Nigeria is projected to continue at 10% to 25% depending on the submarket, with Lagos and Abuja likely to see stronger increases than secondary cities.
The key economic and demographic factors likely to influence Nigerian rent growth include ongoing urbanization (Nigeria adds millions of urban residents annually), persistent housing undersupply, and interest rate levels that affect both construction financing and tenant affordability.
Neighborhoods in Nigeria expected to see the strongest rent growth include Lekki Phase 1, Eko Atlantic, and Jabi, where new infrastructure and corporate demand create upward pressure on rents.
Risks that could cause Nigerian rent growth to differ from projections include further naira volatility, sudden policy changes affecting the property sector, or an economic slowdown that weakens tenant purchasing power.
We have made this infographic to give you a quick and clear snapshot of the property market in Nigeria. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Which neighborhoods rent best in Nigeria as of 2026?
Which neighborhoods have the highest rents in Nigeria as of 2026?
As of early 2026, the neighborhoods with the highest average rents in Nigeria are Banana Island in Lagos at around ₦2,500,000 per month ($1,650 USD / €1,560 EUR), followed by Ikoyi at approximately ₦1,500,000 per month ($1,000 USD / €940 EUR), and Maitama in Abuja at roughly ₦1,200,000 per month ($800 USD / €750 EUR).
These neighborhoods command premium rents in Nigeria because they offer gated security, reliable power and water infrastructure, proximity to business districts and embassies, and a concentration of high-end serviced apartments.
The typical tenant profile in these high-rent Nigerian neighborhoods includes corporate executives, expatriates on housing packages, diplomats, and wealthy business owners who prioritize security and convenience over price.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Nigeria.
Where do young professionals prefer to rent in Nigeria right now?
The top three neighborhoods where young professionals prefer to rent in Nigeria are Yaba in Lagos (known for its tech ecosystem), Lekki Phase 1 (for its lifestyle amenities), and Wuse 2 in Abuja (for its central location and nightlife).
Young professionals in these Nigerian neighborhoods typically pay between ₦150,000 and ₦350,000 per month ($100 to $230 USD / €95 to €220 EUR) for a 1-bedroom apartment, depending on the specific location and building quality.
The specific amenities and lifestyle features that attract young professionals to these Nigerian neighborhoods include proximity to tech hubs and co-working spaces, restaurants and entertainment options, reasonable commute times to major employment centers, and a sense of community with peers.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Nigeria.
Where do families prefer to rent in Nigeria right now?
The top three neighborhoods where families prefer to rent in Nigeria are Ikeja GRA in Lagos, Gwarinpa in Abuja, and Magodo in Lagos, all known for their spacious compounds and family-oriented communities.
Families in these Nigerian neighborhoods typically pay between ₦500,000 and ₦1,200,000 per month ($330 to $800 USD / €315 to €750 EUR) for a 2 to 3 bedroom apartment or house, with prices varying based on estate quality and security features.
The specific features that make these Nigerian neighborhoods attractive to families include gated estate security with controlled access, proximity to quality schools, larger living spaces with dedicated parking, and more reliable power and water infrastructure than average.
Top-rated schools near these family-friendly Nigerian neighborhoods include Corona Schools and Grange School near Ikeja GRA, Whiteplains British School near Gwarinpa, and Greensprings School accessible from Magodo.
Which areas near transit or universities rent faster in Nigeria in 2026?
As of early 2026, the areas near transit or universities that rent fastest in Nigeria are Yaba (near University of Lagos and the tech corridor), Surulere in Lagos (central access), and Gwagwalada in Abuja (near the University of Abuja).
In these high-demand Nigerian areas, properties typically stay listed for only 20 to 45 days, compared to the national average of 30 to 90 days, because student and young worker demand creates constant turnover.
The typical rent premium for properties within walking distance of transit or universities in Nigeria ranges from ₦20,000 to ₦50,000 per month ($13 to $33 USD / €12 to €31 EUR) above comparable units further from these demand drivers.
Which neighborhoods are most popular with expats in Nigeria right now?
The top three neighborhoods most popular with expats in Nigeria are Ikoyi and Victoria Island in Lagos, plus Maitama in Abuja, all offering the security, infrastructure, and proximity to embassies that international residents prioritize.
Expats in these Nigerian neighborhoods typically pay between ₦800,000 and ₦3,000,000 per month ($530 to $2,000 USD / €500 to €1,875 EUR) for serviced apartments or well-maintained houses with reliable utilities.
The specific features that make these Nigerian neighborhoods attractive to expats include 24-hour security, stable power supply, international-standard finishes, proximity to international schools, and easy access to embassies and multinational corporate offices.
The nationalities and expat communities most represented in these Nigerian neighborhoods include Americans, British, Indians, Lebanese, and Chinese, with many working in oil and gas, banking, telecommunications, and diplomatic services.
And if you are also an expat, you may want to read our exhaustive guide for expats in Nigeria.
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Who rents, and what do tenants want in Nigeria right now?
What tenant profiles dominate rentals in Nigeria?
The top three tenant profiles that dominate the Nigerian rental market are young workers and couples (entry to mid-market), families (mid to upper market), and corporate or expat tenants (upper market, often in serviced buildings).
In terms of market share in Nigeria, young workers and couples represent roughly 45% of rental demand, families account for about 35%, and corporate or expat tenants make up the remaining 20%, though this varies significantly by city and neighborhood.
Young workers in Nigeria typically seek studios or 1-bedroom apartments in transit-accessible areas, families look for 2 to 3 bedroom units in secure estates near schools, and corporate tenants prefer furnished 2 to 4 bedroom serviced apartments in prime locations.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Nigeria.
Do tenants prefer furnished or unfurnished in Nigeria?
In Nigeria, approximately 70% to 75% of long-term rental tenants prefer unfurnished apartments, while the remaining 25% to 30% opt for furnished or serviced units, with the furnished segment concentrated in prime areas and among expat tenants.
The typical rent premium for furnished apartments in Nigeria ranges from ₦50,000 to ₦200,000 per month ($33 to $133 USD / €31 to €125 EUR) above unfurnished equivalents, depending on the quality of furnishings and included services.
Tenant profiles that tend to prefer furnished rentals in Nigeria include expatriates on short to medium-term assignments, corporate employees during relocation transitions, and professionals who prioritize convenience over customization.
Which amenities increase rent the most in Nigeria?
The top five amenities that increase rent the most in Nigeria are reliable power solutions (inverter plus generator), gated security with controlled access, borehole water systems, dedicated parking, and in prime buildings, elevators with gym or pool access.
In terms of rent premiums in Nigeria, reliable power infrastructure adds ₦30,000 to ₦80,000 per month ($20 to $53 USD / €19 to €50 EUR), gated security adds ₦20,000 to ₦60,000 ($13 to $40 USD / €12 to €38 EUR), and borehole water adds ₦15,000 to ₦40,000 ($10 to $27 USD / €9 to €25 EUR).
In our property pack covering the real estate market in Nigeria, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Nigeria?
The top five renovations that get the best ROI for Nigerian rental properties are power system upgrades (inverter and batteries), water infrastructure improvements (borehole and treatment), kitchen modernization, security enhancements (doors, lighting, cameras), and bathroom refurbishment.
In terms of costs and expected rent increases in Nigeria, power system upgrades typically cost ₦500,000 to ₦2,000,000 ($330 to $1,330 USD / €315 to €1,250 EUR) and can increase rent by ₦30,000 to ₦80,000 monthly, while kitchen updates costing ₦300,000 to ₦800,000 ($200 to $530 USD / €190 to €500 EUR) can add ₦20,000 to ₦50,000 to monthly rent.
Renovations that tend to have poor ROI and should be avoided by landlords in Nigeria include luxury marble flooring, high-end imported fixtures, and swimming pools in non-premium buildings, as tenants rarely pay proportionally more for these expensive upgrades.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Nigeria versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
How strong is rental demand in Nigeria as of 2026?
What's the vacancy rate for rentals in Nigeria as of 2026?
As of early 2026, the effective vacancy rate for rental properties in Nigeria sits at approximately 3% to 8% in prime Lagos and Abuja areas, with mainstream neighborhoods seeing vacancy rates between 6% and 15%.
Across different neighborhoods in Nigeria, vacancy rates range from as low as 2% in high-demand areas like Lekki Phase 1 and Maitama to as high as 20% in oversupplied or less accessible locations on city outskirts.
The current vacancy rate in Nigeria remains below historical averages due to the chronic housing undersupply, with UN-Habitat estimating that Nigeria needs to deliver far more housing units annually than current construction rates provide.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Nigeria.
How many days do rentals stay listed in Nigeria as of 2026?
As of early 2026, rentals in Nigeria stay listed for an average of 45 to 60 days in major cities, with well-priced units in high-demand areas finding tenants within 30 days.
Across different property types and neighborhoods in Nigeria, days on market ranges from as few as 15 to 30 days for affordable units in transit-accessible areas to 90 to 210 days for overpriced or niche luxury properties.
The current days-on-market figure in Nigeria is roughly similar to one year ago, as strong underlying demand from housing shortages continues to offset affordability pressures from inflation and currency changes.
Which months have peak tenant demand in Nigeria?
The peak months for tenant demand in Nigeria are January through March (new year relocations and fresh job starts) and August through October (school-related moves and returning diaspora timing).
The specific factors that drive seasonal demand patterns in Nigeria include employment contract cycles that typically start in Q1, academic year schedules that drive family moves before September, and diaspora visitors who sometimes secure rentals during summer visits.
The months with the lowest tenant demand in Nigeria are typically November and December, when most people avoid moving during the holiday season and focus on year-end activities rather than relocations.
Buying real estate in Nigeria can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
What will my monthly costs be in Nigeria as of 2026?
What property taxes should landlords expect in Nigeria as of 2026?
As of early 2026, landlords in Nigeria should expect to pay property-related charges ranging from ₦50,000 to ₦500,000 per year ($33 to $330 USD / €31 to €315 EUR), with the most common being Lagos State's Land Use Charge for properties in that state.
The realistic range of annual property taxes in Nigeria varies from about ₦20,000 per year ($13 USD / €12 EUR) for modest properties in secondary states to over ₦1,000,000 per year ($665 USD / €625 EUR) for high-value Lagos properties in prime locations.
Property taxes in Nigeria, particularly the Lagos Land Use Charge, are calculated based on assessed property value, location, and use type, with rates determined by state governments rather than a single national formula.
Please note that, in our property pack covering the real estate market in Nigeria, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What utilities do landlords often pay in Nigeria right now?
The utilities Nigerian landlords most commonly pay on behalf of tenants include estate or service charges, common-area security levies, and shared generator fuel costs for lifts and common lighting in apartment buildings.
The typical monthly cost for these landlord-paid utilities in Nigeria ranges from ₦20,000 to ₦100,000 ($13 to $67 USD / €12 to €63 EUR) depending on the building type and estate management structure.
The common practice in Nigeria is for tenants to pay their own electricity usage directly, while the specific arrangement for generator diesel and maintenance costs varies by building and should always be clarified in writing before signing a lease.
How is rental income taxed in Nigeria as of 2026?
As of early 2026, rental income in Nigeria is subject to personal income tax, and landlords should be aware that a 10% withholding tax may be deducted at source when receiving rent from corporate tenants or formal payers.
The main deductions Nigerian landlords can claim against rental income include property maintenance and repair costs, management fees, insurance premiums, and depreciation on fixtures and fittings, though documentation requirements apply.
A common tax mistake specific to Nigerian landlords is failing to keep proper records of the 10% withholding tax deducted by tenants, which should count toward your overall tax position but requires documentation to claim credit.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Nigeria.
We made this infographic to show you how property prices in Nigeria compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Nigeria, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Nigeria Property Centre (Self-contained nationwide) | It is one of Nigeria's largest property listing portals with transparent methodology for calculating average prices. | We used the nationwide self-contained average as our studio rent anchor. We cross-checked it against Lagos-specific data to estimate the premium in major cities. |
| Nigeria Property Centre (Mini-flats Lagos) | It provides high-volume Lagos listing data that is updated continuously from active rental postings. | We used this as the Lagos anchor for 1-bedroom asking rents. We then compared it with Abuja and national data to establish geographic rent variations. |
| Nigeria Property Centre (2-bedroom nationwide) | It gives a nationwide average price with clear price ranges based on thousands of current listings. | We used it as the national baseline for typical 2-bedroom rents. We then compared Lagos versus Nigeria averages to estimate the Lagos rent premium. |
| Nigeria Property Centre (Lagos market trends) | It is a structured market trends report that explicitly uses median prices by locality. | We used the Lagos 2-bedroom average as our main Lagos benchmark. We also used it to calculate rent per square meter and verify neighborhood rankings. |
| PropertyPro | It is another major Nigerian property portal that helps validate listing levels across platforms. | We used it as a second private-sector check on studio and self-contained asking rents. When it differed from Nigeria Property Centre, we used conservative estimates. |
| Central Bank of Nigeria (MPC decisions) | It is the official central bank record of monetary policy rates and economic stance. | We used it to explain why financing costs and inflation expectations matter for landlord pricing power. We also used it to frame our rent growth outlook. |
| Reuters (CBN 2026 projections) | Reuters is a global news wire service with strict sourcing standards for economic reporting. | We used it to anchor the 2026 macro backdrop including inflation and growth assumptions. We then translated these macro views into realistic rent growth ranges. |
| FIRS (Withholding tax) | It is the primary federal tax authority providing official rates in plain language. | We used it to state the rent-related withholding tax rate landlords may see deducted at source. We treated it as essential tax information for non-professional readers. |
| FIRS (Individual income tax) | It is the official landing page describing taxable income categories including rental income. | We used it to explain that rental income is taxable under personal income tax. We then added practical guidance on documentation and tax adviser questions. |
| Lagos State Land Use Charge portal | It is Lagos State's official information portal for property-related charges. | We used it to explain what property tax looks like in practice in Nigeria's biggest rental market. We kept it simple by covering what it is, who pays, and why it matters. |
| Lagos Land Use Charge Law (PDF) | It is the primary legal text that establishes the basis for Lagos property charges. | We used it as a backstop for legal legitimacy when describing Lagos property charges. We relied on it for what the charge is rather than detailed rate calculations. |
| Housing Finance Africa (Nigeria PDF) | It is a respected housing research organization with structured country-specific briefs. | We used it for big-picture drivers like housing deficit, affordability pressure, and urbanization. We used it to keep our analysis Nigeria-specific rather than generic. |
| UN-Habitat (Nigeria statement) | UN-Habitat is the United Nations agency focused specifically on housing and urban development. | We used it to support the structural demand point that Nigeria needs far more housing annually than current supply delivers. We used this to explain why rents keep rising over time. |
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