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SUMMARY
We analyzed apartment rental yields in Lagos, as of 2026, for residential apartment buyers using the raw Lagos dataset provided. The work compares estimated purchase prices, monthly rents, gross yields, and net yields across the city’s main apartment investment neighborhoods.
This page is regularly updated, so the figures should be read as a current Lagos apartment yield snapshot for May 2026, not as a permanent guarantee of future income.
The strongest net-yield neighborhoods in the dataset are Yaba, Surulere, Lekki Phase 1, Osapa London, and Ikate. These areas combine realistic rent levels with purchase prices that still leave room for income return.
Yaba is the clearest small-unit yield market. The model estimates 5.0% net yield for studios, 5.4% for 1-bedroom apartments, and 6.1% for 2-bedroom apartments.
Surulere also performs well, especially for 1-bedroom and 2-bedroom apartments. The area gives investors a practical mainland rental base without relying on luxury tenants.
Lekki Phase 1 looks especially strong for 2-bedroom apartments, with an estimated 10.3% gross yield and 7.0% net yield. The caveat is that this depends on building quality, access, power, security, and the ability to attract premium tenants.
Banana Island has the weakest yield profile in the table. It can be excellent prestige real estate, but estimated net yields of 2.4% to 3.7% make it less attractive for buyers focused on rental income.
Victoria Island and Ikoyi are more mixed. They can earn high monthly rents, but the purchase prices are also high, so the investor must avoid overpaying for average or older apartments.
For a beginner foreign buyer, the main Lagos lesson is simple: do not judge the apartment only by the neighborhood name. Net rental yield, tenant depth, building management, flood risk, power reliability, title quality, access roads, and resale liquidity all matter.
The practical takeaway is that 1-bedroom apartments usually offer the cleanest mix of price, rent, liquidity, and tenant demand in Lagos, while 2-bedroom apartments can work well when the building and micro-location are genuinely strong.
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Apartment rental yields in Lagos in 2026 by neighborhood and unit type
This table compares apartment rental yields in Lagos by neighborhood and apartment type.
For each area, the table shows estimated purchase price, estimated monthly rent, gross rental yield, and net rental yield for studios, 1-bedroom apartments, and 2-bedroom apartments. The broader analysis also considers fees, occupancy, time to rent, main demand, main risk, and investment profile when interpreting the numbers.
Finally, please note you'll find much more detailed data in our real estate pack about Lagos.
| Neighborhood | Studio average purchase price | Studio average monthly rent | Studio gross rental yield | Studio net rental yield | 1-bedroom average purchase price | 1-bedroom average monthly rent | 1-bedroom gross rental yield | 1-bedroom net rental yield | 2-bedroom average purchase price | 2-bedroom average monthly rent | 2-bedroom gross rental yield | 2-bedroom net rental yield |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ajah | ₦22,000,000 | ₦83,000 | 4.5% | 3.4% | ₦32,000,000 | ₦150,000 | 5.6% | 4.2% | ₦45,000,000 | ₦250,000 | 6.7% | 5.0% |
| Banana Island | ₦180,000,000 | ₦583,000 | 3.9% | 2.4% | ₦260,000,000 | ₦1,083,000 | 5.0% | 3.1% | ₦420,000,000 | ₦2,083,000 | 6.0% | 3.7% |
| Gbagada | ₦28,000,000 | ₦117,000 | 5.0% | 3.8% | ₦45,000,000 | ₦200,000 | 5.3% | 4.1% | ₦65,000,000 | ₦350,000 | 6.5% | 4.9% |
| Ikeja GRA | ₦55,000,000 | ₦217,000 | 4.7% | 3.4% | ₦85,000,000 | ₦400,000 | 5.6% | 4.1% | ₦130,000,000 | ₦750,000 | 6.9% | 5.0% |
| Ikate | ₦45,000,000 | ₦208,000 | 5.6% | 3.9% | ₦70,000,000 | ₦350,000 | 6.0% | 4.2% | ₦105,000,000 | ₦667,000 | 7.6% | 5.3% |
| Ikoyi | ₦120,000,000 | ₦500,000 | 5.0% | 3.2% | ₦190,000,000 | ₦1,250,000 | 7.9% | 5.0% | ₦300,000,000 | ₦2,000,000 | 8.0% | 5.0% |
| Ilupeju | ₦30,000,000 | ₦125,000 | 5.0% | 3.8% | ₦48,000,000 | ₦217,000 | 5.4% | 4.1% | ₦70,000,000 | ₦342,000 | 5.9% | 4.4% |
| Lekki Phase 1 | ₦60,000,000 | ₦275,000 | 5.5% | 3.7% | ₦95,000,000 | ₦542,000 | 6.8% | 4.7% | ₦145,000,000 | ₦1,250,000 | 10.3% | 7.0% |
| Magodo | ₦32,000,000 | ₦133,000 | 5.0% | 3.7% | ₦55,000,000 | ₦233,000 | 5.1% | 3.8% | ₦80,000,000 | ₦375,000 | 5.6% | 4.2% |
| Ogba | ₦20,000,000 | ₦83,000 | 5.0% | 3.8% | ₦33,000,000 | ₦142,000 | 5.2% | 3.9% | ₦45,000,000 | ₦217,000 | 5.8% | 4.4% |
| Osapa London | ₦42,000,000 | ₦200,000 | 5.7% | 4.0% | ₦65,000,000 | ₦333,000 | 6.2% | 4.3% | ₦95,000,000 | ₦625,000 | 7.9% | 5.5% |
| Surulere | ₦28,000,000 | ₦133,000 | 5.7% | 4.3% | ₦45,000,000 | ₦233,000 | 6.2% | 4.7% | ₦65,000,000 | ₦367,000 | 6.8% | 5.1% |
| Victoria Island | ₦95,000,000 | ₦417,000 | 5.3% | 3.4% | ₦150,000,000 | ₦667,000 | 5.3% | 3.4% | ₦240,000,000 | ₦1,500,000 | 7.5% | 4.8% |
| Yaba | ₦26,000,000 | ₦142,000 | 6.5% | 5.0% | ₦42,000,000 | ₦250,000 | 7.1% | 5.4% | ₦60,000,000 | ₦400,000 | 8.0% | 6.1% |
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 offer the best net yield among areas people actually want to live in Lagos?
The best net-yield neighborhoods among areas people actually want to live in Lagos are Yaba, Surulere, Lekki Phase 1, Osapa London, and Ikate.
Yaba is the most balanced high-yield location in the table. It reaches about 5.0% net yield for studios, 5.4% for 1-bedroom apartments, and 6.1% for 2-bedroom apartments, which means the income case is not limited to one unit type.
Surulere is also strong, with 4.3% net yield for studios, 4.7% for 1-bedroom apartments, and 5.1% for 2-bedroom apartments. The practical signal is broad renter demand at prices that are still below the Island market.
Lekki Phase 1 is strongest for 2-bedroom apartments, where the model estimates 7.0% net yield. That number is attractive, but it depends on a modern apartment, strong management, reliable power, good parking, and access that works for tenants.
Osapa London and Ikate give a similar Lekki-corridor story at lower purchase prices. For a beginner buyer, the honest interpretation is that these areas can work well, but the exact building matters more than the neighborhood label.
Where can I find apartments with above-average yields and below-average entry prices in Lagos?
The clearest Lagos areas with above-average yields and below-average entry prices are Yaba, Surulere, Gbagada, Ogba, and Ajah.
Yaba shows the best combination of low entry price and strong rent. A studio is estimated at ₦26,000,000 with ₦142,000 monthly rent, while a 1-bedroom apartment is estimated at ₦42,000,000 with ₦250,000 monthly rent.
Surulere is another practical mainland option. Its 1-bedroom apartment is estimated at ₦45,000,000 and ₦233,000 monthly rent, which gives 6.2% gross yield and 4.7% net yield.
Gbagada and Ogba are cheaper than prime Island areas and can still produce credible income. The trade-off is that resale liquidity and tenant depth are more local, so the building must be easy to access and well maintained.
Ajah 2-bedroom apartments look attractive at ₦45,000,000 purchase price and ₦250,000 monthly rent. The risk is commute pressure, drainage, power, estate security, and whether tenants see the exact location as convenient.
Where does the rent level justify the purchase price most clearly in Lagos?
The rent level most clearly justifies the purchase price in Yaba, Surulere, Osapa London, Ikate, and selected Lekki Phase 1 2-bedroom apartments.
Yaba is the cleanest example because the rents are strong without requiring luxury purchase prices. A 1-bedroom apartment at ₦42,000,000 and ₦250,000 monthly rent gives 7.1% gross yield and 5.4% net yield.
Surulere is also rational for rental income. A 2-bedroom apartment is estimated at ₦65,000,000 and ₦367,000 monthly rent, producing 6.8% gross yield and 5.1% net yield.
Lekki Phase 1 has the largest headline result in the dataset. The estimated ₦145,000,000 2-bedroom apartment and ₦1,250,000 monthly rent produce 10.3% gross yield and 7.0% net yield, but only if the apartment competes well for premium tenants.
We have actually built the our real estate pack about Lagos to make sure you won’t buy in the wrong area. Check it out.
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Where is the best place to buy if I want stable rental income rather than maximum yield in Lagos?
The best places to buy for stable rental income rather than maximum yield in Lagos are Ikeja GRA, Gbagada, Yaba, Surulere, and selected Lekki Phase 1.
Ikeja GRA is a stability choice more than a maximum-yield choice. Its 2-bedroom apartments show about 5.0% net yield, supported by airport access, government offices, corporate demand, schools, and mature mainland infrastructure.
Gbagada is also defensive. A 2-bedroom apartment is estimated at ₦65,000,000 with ₦350,000 monthly rent, giving 6.5% gross yield and 4.9% net yield without needing luxury tenants.
Yaba and Surulere can give both income and depth because their tenant pools include students, young professionals, tech workers, mainland commuters, and local families. That makes vacancy risk easier to manage than in very narrow luxury markets.
For a foreign individual buyer, the practical takeaway is that a slightly lower yield in a deeper rental market can be safer than a higher spreadsheet yield in a weak building or difficult micro-location.
Which apartment type gives the best return for the lowest total investment in Lagos?
The apartment type that gives the best return for the lowest total investment in Lagos is usually the 1-bedroom apartment, with studios also attractive in Yaba and Surulere.
Studios require the least capital. In Yaba, a studio is estimated at ₦26,000,000 and 5.0% net yield, while in Surulere a studio is estimated at ₦28,000,000 and 4.3% net yield.
But 1-bedroom apartments are usually more flexible. Yaba’s 1-bedroom apartment shows 5.4% net yield, and Surulere’s 1-bedroom apartment shows 4.7% net yield, with tenant demand from singles, couples, junior expatriates, and young professionals.
Two-bedroom apartments can produce higher absolute rent, especially in Lekki Phase 1, Ikoyi, Osapa London, and Yaba. The issue is that they require more capital and more careful tenant screening.
For a first Lagos rental apartment, the practical format is often a well-located 1-bedroom apartment. It is large enough to attract stable renters, but not so expensive that the purchase price destroys the yield.
We give you more details in the our real estate pack about Lagos.
Which neighborhoods offer strong rental income with the lowest vacancy risk in Lagos?
The Lagos neighborhoods that offer strong rental income with lower vacancy risk are Yaba, Surulere, Ikeja GRA, Gbagada, and Lekki Phase 1.
Yaba and Surulere are strong because they do not depend on a tiny luxury renter pool. Yaba 1-bedroom apartments are estimated at ₦250,000 monthly rent, and Surulere 1-bedroom apartments are estimated at ₦233,000 monthly rent.
Ikeja GRA and Gbagada are more defensive. They serve tenants who care about schools, offices, airport access, mainland connectivity, and family convenience.
Lekki Phase 1 can deliver high rental income, especially for 2-bedroom apartments at ₦1,250,000 monthly rent. But vacancy risk depends heavily on whether the apartment is modern, secure, well managed, and easy to reach.
The honest interpretation is that strong income in Lagos is not only a rent number. It is rent plus tenant depth, building quality, access, and the ability to keep the apartment occupied without heavy discounts.
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.
Which areas look overpriced relative to their rental income in Lagos?
The Lagos areas that look most overpriced relative to their rental income are Banana Island, parts of Victoria Island, and some prestige parts of Ikoyi.
Banana Island is the clearest low-yield example. The model estimates 2.4% net yield for studios, 3.1% for 1-bedroom apartments, and 3.7% for 2-bedroom apartments.
That does not mean Banana Island is bad real estate. It means the purchase price is so high that rent does not convert efficiently into income yield.
Victoria Island is more mixed. A 2-bedroom apartment can reach 4.8% net yield, but studios and 1-bedroom apartments are both around 3.4% net yield in the dataset.
Ikoyi can still work if the buyer does not overpay. Its 1-bedroom and 2-bedroom apartments both show about 5.0% net yield, but the high capital requirement makes mistakes expensive.
Which neighborhoods should I avoid even if the rental yield looks attractive in Lagos?
Beginner Lagos rental investors should be careful with Ajah, Ogba, and weaker parts of the Lekki-Ajah corridor, even when the rental yield looks attractive.
Ajah 2-bedroom apartments show about 5.0% net yield, which looks useful. The problem is that tenants will heavily compare commute time, estate access, drainage, road quality, power, and security before signing.
Ogba is affordable, with a 2-bedroom apartment estimated at ₦45,000,000 and 4.4% net yield. The risk is weaker resale liquidity and a tenant pool that is more local and price-sensitive.
Weaker Lekki-Ajah pockets can also mislead buyers. A low purchase price can make the yield look good, but a poor access road or unreliable building services can create vacancy and repair costs.
The avoid rule is not to reject the whole neighborhood. The real rule is to avoid any Lagos apartment where the spreadsheet yield looks attractive but the micro-location, title, access, power, drainage, and management are weak.
Which neighborhoods look risky even though the rental yield is high in Lagos?
The Lagos neighborhoods that can look risky despite high rental yield are Ajah, Ikate, Osapa London, and some Lekki Phase 1 2-bedroom apartments.
Ikate and Osapa London have attractive 2-bedroom net yields of about 5.3% and 5.5%. They benefit from proximity to Lekki Phase 1 and Victoria Island without the same purchase-price premium.
The risk is competition. The Lekki corridor has many newer apartments, serviced-style offers, and short-let-influenced units, so older or poorly managed buildings may need rent discounts.
Lekki Phase 1’s 2-bedroom yield is the strongest in the dataset at 7.0% net yield. But the result is not automatic, because tenants at that rent level expect strong finishing, power backup, parking, security, and a good road.
Ajah is different. It can offer low entry prices, but the tenant base is more sensitive to commute stress and infrastructure problems, which can turn a good gross yield into an average net result.
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What neighborhoods should I avoid when buying a rental apartment in Lagos?
When buying a rental apartment in Lagos, a beginner should avoid Banana Island for yield-first investing, fringe Ajah, weak Ogba pockets, and poorly located parts of the Lekki-Ajah corridor.
Banana Island should be treated as prestige real estate, not a high-yield rental market. Its estimated net yields are mostly below 4%, which is low for a buyer focused on income.
Fringe Ajah should be avoided unless the apartment is inside a secure and accessible estate. Low entry prices can hide commute burden, flood exposure, power problems, and thinner tenant demand.
Weak Ogba pockets should be avoided if resale liquidity matters. The area can work for local investors, but foreign beginners may find it harder to judge street quality, buyer depth, and rent resilience.
Poorly located Lekki-Ajah apartments should also be avoided when the investment case depends only on corridor hype. Lagos tenants pay for access, power, security, drainage, and convenience, not just a fashionable address.
Which neighborhoods are seeing rental demand weaken, and why, in Lagos?
The Lagos neighborhoods where rental demand looks more fragile are Banana Island, parts of Victoria Island, older Lekki Phase 1 stock, and fringe Ajah.
Banana Island has a narrow renter pool. Even wealthy tenants compare it with Ikoyi, Victoria Island, and newer serviced buildings, so purchase prices can outrun achievable rent.
Victoria Island remains important, but older apartments can underperform if they lack parking, power reliability, modern management, or a clear rent discount. The 3.4% net yield for studios and 1-bedroom apartments shows the pressure.
Older Lekki Phase 1 apartments face competition from newer stock in Lekki, Ikate, Osapa London, and short-let-style buildings. Tenants at premium rents can be selective.
Fringe Ajah has a different weakness. It is cheaper, but commute pressure and infrastructure gaps can make tenants avoid apartments that are not inside strong estates or near major access routes.
Which neighborhoods are seeing new developments that could create stronger rental demand in Lagos?
The Lagos neighborhoods where new developments could create stronger rental demand are Lekki Phase 1, Ikate, Osapa London, Ajah, and the wider Ibeju-Lekki and Epe corridor.
The key driver is not only new housing. Road, transport, industrial, mixed-use, and coastal corridor activity can deepen the tenant pool if access genuinely improves.
Ikate and Osapa London are positioned to benefit because they sit close to Lekki Phase 1 and Victoria Island at lower purchase prices. Their 2-bedroom net yields of 5.3% and 5.5% show that the rent-to-price relationship is still more attractive than many prime Island areas.
Ajah could benefit from improved connectivity, but it also has more execution risk. Better roads can help, but new supply can also increase competition if too many similar apartments enter the market.
The practical recommendation is to favor demand-creating infrastructure over supply-heavy stories. A new road or employment node can help rents, while a wave of similar apartments can simply give tenants more choice.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Nigeria. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Which neighborhoods have become less attractive for apartment investors over the last 12 months in Lagos?
The Lagos neighborhoods that have become less attractive for apartment investors over the last 12 months are mainly Banana Island, parts of Victoria Island, and some older Lekki Phase 1 apartments.
The problem is not that these locations lack prestige or demand. The problem is that purchase prices, running costs, service expectations, and tenant selectivity have made the income case less forgiving.
Banana Island is the clearest example. A 1-bedroom apartment is estimated at ₦260,000,000 and ₦1,083,000 monthly rent, but the net yield is only 3.1%.
Victoria Island remains a major business and lifestyle location, but its studios and 1-bedroom apartments both show only 3.4% net yield. That makes the price-to-rent relationship less attractive for yield-first buyers.
Older Lekki Phase 1 stock is also becoming more selective. The neighborhood remains investable, but average apartments can struggle if tenants compare them with newer, better-managed buildings nearby.
The practical conclusion is not to avoid these areas blindly. The safer rule is to avoid overpaying for old, average, or poorly managed units in expensive districts.
Which apartment types are becoming harder to rent in Lagos, and in which neighborhoods?
The apartment types becoming harder to rent in Lagos are overpriced luxury studios, older serviced 1-bedroom apartments, and expensive 2-bedroom apartments in weak buildings.
In Banana Island and parts of Ikoyi, studios can be difficult if they are priced like luxury products but feel too small for the typical high-net-worth tenant. The buyer pays a prestige price, but the renter may prefer a larger unit.
In Victoria Island and older Lekki Phase 1 buildings, 1-bedroom apartments can struggle when service charges, power costs, and maintenance do not match the building quality. At that rent level, tenants are selective.
In fringe Ajah and weaker Lekki-Ajah pockets, 2-bedroom apartments can become harder to rent if total living cost is too high for local families or sharers. A ₦250,000 monthly rent only works if the location and building services justify it.
The practical rule is to buy the apartment type that matches the dominant renter group in that exact micro-location. In Lagos, a right-sized apartment in a strong building usually beats a large apartment with weak access and high running costs.
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INSIGHTS
These insights are drawn from the Lagos apartment rental yield dataset, with a focus on what a foreign individual buyer should understand before buying a residential apartment to rent out.
You’ll find even more insights in our our real estate pack about Lagos.
- Yaba is the strongest small-unit income market in the Lagos dataset. The important signal is not only the 5.0% studio net yield, but also the fact that 1-bedroom and 2-bedroom apartments remain strong.
- Surulere gives investors a practical mainland yield profile. It does not need luxury rents to work, because purchase prices remain lower and tenant demand is broad.
- Lekki Phase 1 2-bedroom apartments show the most powerful yield number in the table. The 7.0% net yield is attractive, but it should be treated as a building-quality test, not a guaranteed neighborhood result.
- Osapa London and Ikate are useful alternatives to Lekki Phase 1. They can offer better rent-to-price balance, but they also face competition from newer apartments and serviced-style supply.
- Banana Island is weak for rental-income buyers. Prestige, scarcity, and capital preservation may matter to some owners, but the income yield is too low for a yield-first beginner.
- Victoria Island is not automatically a bad investment, but the buyer must be selective. The area works best when the apartment can attract corporate tenants and justify high running costs.
- Ikoyi can still produce acceptable income if the buyer does not overpay. The danger is that prestige pricing can quickly erase a decent rent figure.
- Ajah looks attractive on entry price, especially for 2-bedroom apartments. The risk is that commute stress, road access, flooding, power, and estate security can reduce the real net result.
- Gbagada is one of the more defensive mainland choices. It is not as glamorous as Island locations, but it offers practical tenant demand and credible 2-bedroom income.
- Ikeja GRA suits stability buyers more than maximum-yield buyers. The area’s value comes from offices, airport access, schools, and mature infrastructure.
- Ogba has low entry costs, but investors should be careful with resale liquidity. It can work for buyers who understand the micro-streets, but it is less forgiving for foreign beginners.
- In Lagos, 1-bedroom apartments usually offer the cleanest balance of price, rent, and tenant depth. Studios can work very well in Yaba and Surulere, while 2-bedroom apartments need stronger tenant screening.
- Gross yield can be misleading in Lagos. Service charges, vacancy, repairs, power systems, agency turnover costs, and management friction can materially reduce income.
- The neighborhood name is only the first filter. A good Lagos rental apartment also needs clean title, good access, reliable power, drainage, security, parking, and professional building management.
- The strongest Lagos apartment strategy is to buy tenant depth rather than prestige. Yaba, Surulere, Gbagada, and selected Lekki corridor areas show that practical demand can matter more than luxury branding.
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OUR METHODOLOGY TO BUILD THIS TRACKER
To estimate purchase price, monthly rent, and rental yield in different Lagos neighborhoods, we built this tracker manually from the ground up. We did not reuse a third-party yield dataset.
For each Lagos neighborhood and apartment type, we researched current residential sale and rental listings across major Nigerian property platforms such as Nigeria Property Centre, PropertyPro, and Private Property.
First, we collected comparable sale listings for each neighborhood and apartment type. We then cleaned the sample by removing duplicates, non-comparable properties, unrealistic asking prices, incomplete listings, distressed assets, luxury outliers, serviced-style offers, and properties that would distort the estimate.
For purchase prices, we kept only reasonably comparable apartments based on location, property type, size, condition, listing quality, and market relevance. We used the median price as the main reference where possible, or the average only when the sample was clean enough.
We built the rental side of the dataset separately. For the same neighborhood and apartment type, we collected rental listings, removed outliers and weak comparables, and estimated a realistic monthly rent using the median rent where possible.
Purchase prices and rents were then matched by neighborhood and apartment type to estimate gross rental yield. The gross rental yield was calculated as annual rent divided by estimated purchase price.
Net rental yield was estimated after adjusting for the costs and risks that matter in Lagos. These include agency and legal turnover costs, vacancy risk, maintenance, repairs, management costs, service-charge leakage, tax friction, furnishing wear, utilities, building costs, and other operating costs where relevant.
We did not apply one flat deduction to every apartment. The deduction was adjusted by neighborhood and property type because a small mainland apartment, a premium serviced-style Lekki apartment, and a luxury Island apartment do not have the same operating cost profile.
Each estimate was assigned a confidence level based on the quality and size of the comparable listing sample. A sample of 30 to 40 comparable listings gives higher confidence, 20 to 30 comparable listings is usable but less robust, and fewer than 20 comparable listings is directional only unless the comparable area is widened.
These estimates are updated regularly and should be read as structured market estimates, not as guarantees of future rental income. Honesty, quality, and rigor are at the core of our work, and they are also what you will find in our real estate pack about Lagos.
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