Authored by the expert who managed and guided the team behind the Nigeria Property Pack
Yes, the analysis of Lagos' property market is included in our pack
Looking for current rental prices in Lagos? You're in the right place.
We break down exactly what studios, 1-bedrooms, and 2-bedrooms cost across Lagos neighborhoods in 2026, from premium Island areas to affordable Mainland options.
This blog post is constantly updated with fresh data so you always get the latest Lagos rental figures.
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 Lagos.
Insights
- A 2-bedroom apartment in Lagos costs nearly three times more than a 1-bedroom, with the gap widening in prime Island neighborhoods like Ikoyi and Victoria Island where family-sized units are scarce.
- Lagos rents have jumped 12% to 18% year-over-year in 2026, driven by naira depreciation and a severe shortage of quality housing stock in desirable areas.
- Power reliability is the single biggest rent driver in Lagos, with apartments featuring proper inverter and generator setups commanding premiums of 20% to 40% over comparable units without.
- Prime Island neighborhoods like Ikoyi and Victoria Island have vacancy rates below 5%, while mid-market Mainland areas can see vacancies of 15% or higher depending on flooding risk and infrastructure.
- Expats and corporate tenants in Lagos pay 30% to 50% more for furnished and serviced apartments, making the premium segment disproportionately profitable for landlords.
- Well-priced Lagos rentals in good locations typically find tenants within 15 to 30 days, but overpriced units can sit empty for 90 days or more.
- Lagos landlords should budget 1% to 2% of property value annually for maintenance, higher than global averages due to generator costs, water systems, and humidity-related wear.
- The rent per square meter in Lagos averages around ₦5,500 monthly, but ranges from ₦2,500 on the Mainland to over ₦12,000 in Banana Island and Eko Atlantic.
- January through March and August through October are peak rental seasons in Lagos, driven by corporate relocations and school calendar timing.
- Withholding Tax of 10% is commonly deducted at source on Lagos rental income when corporate tenants pay, which many first-time landlords fail to account for in their cashflow planning.
What are typical rents in Lagos as of 2026?
What's the average monthly rent for a studio in Lagos as of 2026?
As of early 2026, the average monthly rent for a studio apartment in Lagos is around ₦150,000, which works out to approximately $94 USD or €87 EUR.
That said, Lagos studio rents can range from about ₦80,000 per month ($50 USD / €46 EUR) in affordable Mainland areas like Ikorodu or Festac, up to ₦400,000 or more ($250 USD / €231 EUR) for serviced studios in Ikoyi or Victoria Island.
The main factors that cause studio rents to vary so much in Lagos are location (Island versus Mainland), whether the unit is serviced or self-contained, power and water reliability, building security, and proximity to major work hubs.
What's the average monthly rent for a 1-bedroom in Lagos as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment in Lagos is approximately ₦185,000, which equals about $116 USD or €107 EUR.
Most 1-bedroom apartments in Lagos rent for somewhere between ₦120,000 and ₦350,000 per month ($75 to $219 USD / €69 to €202 EUR), depending on location and amenities.
For the cheapest 1-bedroom rents in Lagos, look to Mainland neighborhoods like Ikorodu, Ogba, and Festac, while the highest prices are found in Ikoyi, Victoria Island, and Lekki Phase 1.
What's the average monthly rent for a 2-bedroom in Lagos as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom apartment in Lagos is around ₦530,000, which translates to approximately $331 USD or €306 EUR.
Realistically, 2-bedroom rents in Lagos range from about ₦250,000 per month ($156 USD / €144 EUR) in affordable Mainland areas, up to ₦1,500,000 or more ($938 USD / €866 EUR) in premium Island neighborhoods.
For budget-friendly 2-bedroom options in Lagos, check out Gbagada, Ogba, and Ilupeju on the Mainland, while the most expensive 2-bedrooms are clustered in Ikoyi, Banana Island, and the prime parts of Victoria Island.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Lagos.
What's the average rent per square meter in Lagos as of 2026?
As of early 2026, the average rent per square meter in Lagos is approximately ₦5,500 per month, which works out to about $3.44 USD or €3.18 EUR per square meter monthly.
Across Lagos neighborhoods, rent per square meter ranges from around ₦2,500 per month ($1.56 USD / €1.44 EUR) in Mainland value areas, up to ₦12,000 or more ($7.50 USD / €6.93 EUR) in ultra-prime locations like Banana Island and Eko Atlantic.
Compared to other Nigerian cities, Lagos commands the highest rent per square meter in the country, typically running 30% to 50% above Abuja and two to three times higher than Port Harcourt.
Properties in Lagos that push rent per square meter above average usually feature reliable power systems (inverter plus generator), waterfront or lagoon views, new construction, and premium security in gated developments.
How much have rents changed year-over-year in Lagos in 2026?
As of early 2026, Lagos rents have increased by approximately 12% to 18% compared to January 2025, with prime Island areas seeing the upper end of that range.
The main factors driving rent increases in Lagos this year are naira depreciation against the dollar, persistent inflation affecting construction and maintenance costs, and a chronic undersupply of quality housing relative to demand.
This year's rent growth in Lagos is roughly in line with 2025's trend, when rents also rose at double-digit rates, though the market is becoming more segmented as mid-market tenants reach affordability limits.
What's the outlook for rent growth in Lagos in 2026?
As of early 2026, Lagos rents are projected to continue rising by 10% to 15% over the course of the year, assuming current economic conditions persist.
Key factors likely to influence Lagos rent growth include naira exchange rate movements, inflation trajectory, interest rates affecting new construction, and the ongoing influx of workers migrating to Lagos from other Nigerian states.
Neighborhoods in Lagos expected to see the strongest rent growth in 2026 are Lekki Phase 1, Victoria Island, and emerging areas along the Lekki-Epe corridor where infrastructure development is ongoing.
The main risks that could cause Lagos rent growth to differ from projections are sudden naira appreciation, a significant economic downturn reducing corporate relocations, or unexpected increases in housing supply from delayed construction projects.
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 Lagos as of 2026?
Which neighborhoods have the highest rents in Lagos as of 2026?
As of early 2026, the three Lagos neighborhoods with the highest average rents are Ikoyi (where 2-bedrooms average ₦1,200,000 or $750 USD / €693 EUR monthly), Banana Island (often exceeding ₦2,000,000 or $1,250 USD / €1,155 EUR), and Victoria Island (averaging around ₦900,000 or $563 USD / €520 EUR for comparable units).
These Lagos neighborhoods command premium rents because they offer the best infrastructure, security, proximity to corporate offices, international schools, and reliable utilities compared to anywhere else in the city.
The typical tenant profile in these high-rent Lagos neighborhoods includes expatriates working for multinational companies, senior Nigerian executives, diplomats, and wealthy business owners who prioritize convenience and security above cost.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Lagos.
Where do young professionals prefer to rent in Lagos right now?
The top three neighborhoods where young professionals prefer to rent in Lagos are Lekki Phase 1 (for its social scene and newer apartments), Yaba (for its tech and creative energy), and Surulere (for its central location and relative affordability).
Young professionals in these Lagos neighborhoods typically pay between ₦150,000 and ₦400,000 per month ($94 to $250 USD / €87 to €231 EUR), depending on the specific location and building quality.
What attracts young professionals to these Lagos neighborhoods is the combination of walkable dining and nightlife options, proximity to tech hubs and office clusters, reliable power infrastructure, and active social scenes with people their age.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Lagos.
Where do families prefer to rent in Lagos right now?
The top three neighborhoods where families prefer to rent in Lagos are Ikeja GRA (for schools and infrastructure), Magodo Phase 1 and 2 (for its gated, quiet environment), and Gbagada (for its central access and space-to-cost ratio).
Families renting 2 to 3 bedroom apartments in these Lagos neighborhoods typically pay between ₦400,000 and ₦800,000 per month ($250 to $500 USD / €231 to €462 EUR), significantly less than comparable Island options.
What makes these Lagos neighborhoods attractive to families is the combination of larger compound sizes, lower flooding risk than many Island areas, proximity to quality schools, quieter residential streets, and better value for space.
Top-rated schools near these family-friendly Lagos neighborhoods include Corona School in Gbagada, Greensprings School with campuses across Lagos, and several international schools around Ikeja GRA serving both Nigerian and expatriate families.
Which areas near transit or universities rent faster in Lagos in 2026?
As of early 2026, the three areas near transit hubs or universities that rent fastest in Lagos are Yaba and Akoka (near University of Lagos), Surulere (with good access to Mainland and Island), and Ikeja (near major job clusters and the airport).
Properties in these high-demand Lagos areas typically stay listed for only 15 to 25 days when priced correctly, compared to 45 to 60 days in less accessible neighborhoods.
The typical rent premium for properties within walking distance of transit corridors or universities in Lagos is around ₦30,000 to ₦60,000 per month ($19 to $38 USD / €17 to €35 EUR) above similar units farther away.
Which neighborhoods are most popular with expats in Lagos right now?
The three neighborhoods most popular with expats in Lagos are Ikoyi (especially Old Ikoyi and around Bourdillon Road), Victoria Island (particularly the Oniru and Water Corporation Road areas), and Lekki Phase 1.
Expats renting in these Lagos neighborhoods typically pay between ₦800,000 and ₦2,500,000 per month ($500 to $1,563 USD / €462 to €1,444 EUR), often for furnished or serviced apartments with reliable power.
What makes these Lagos neighborhoods attractive to expats is the combination of 24-hour security, proximity to international schools and embassies, Western-style restaurants and amenities, and buildings with professional management handling utilities.
The expat communities most represented in these Lagos neighborhoods include British, American, French, Lebanese, Indian, and Chinese nationals, many working in oil and gas, banking, telecommunications, or diplomatic services.
And if you are also an expat, you may want to read our exhaustive guide for expats in Lagos.
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Who rents, and what do tenants want in Lagos right now?
What tenant profiles dominate rentals in Lagos?
The three tenant profiles that dominate the Lagos rental market are early-career professionals seeking affordable studios and 1-bedrooms, young families looking for 2 to 3 bedroom apartments with space and schools nearby, and corporate tenants or expats renting premium serviced units.
In terms of market share, early-career professionals represent roughly 35% to 40% of Lagos rental demand, families account for about 30% to 35%, and corporate or expat tenants make up around 20% to 25% but occupy the highest-value properties.
Early-career professionals in Lagos typically seek compact studios or 1-beds near work hubs, families want 2 to 3 bedrooms with compound space in quieter Mainland areas, and expats prefer furnished units with full services on the Island.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Lagos.
Do tenants prefer furnished or unfurnished in Lagos?
In Lagos, approximately 70% of long-term tenants prefer unfurnished apartments because they already own furniture and want lower monthly costs, while around 30% prefer furnished or serviced options.
The typical rent premium for furnished apartments in Lagos is around ₦50,000 to ₦150,000 per month ($31 to $94 USD / €29 to €87 EUR) above comparable unfurnished units, with the premium even higher for fully serviced apartments.
The tenant profiles that most prefer furnished rentals in Lagos are expatriates on corporate assignments, diaspora Nigerians returning for extended stays, short-term business visitors, and young professionals relocating from other cities who want a turnkey solution.
Which amenities increase rent the most in Lagos?
The five amenities that increase rent the most in Lagos are reliable power systems (inverter plus generator), dependable water supply (borehole with treatment), professional security (gated access with guards), dedicated parking, and transparent service charge arrangements.
In Lagos, a reliable power setup can add ₦40,000 to ₦100,000 monthly ($25 to $63 USD / €23 to €58 EUR), water reliability adds ₦20,000 to ₦40,000 ($13 to $25 USD / €12 to €23 EUR), security adds ₦30,000 to ₦60,000 ($19 to $38 USD / €17 to €35 EUR), and parking adds ₦20,000 to ₦50,000 ($13 to $31 USD / €12 to €29 EUR) to monthly rent.
In our property pack covering the real estate market in Lagos, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Lagos?
The five renovations that get the best ROI for rental properties in Lagos are power system upgrades (inverter and battery capacity), kitchen and bathroom refreshes, AC efficiency improvements, security enhancements (doors, locks, perimeter), and water system reliability upgrades.
A power system upgrade in Lagos typically costs ₦500,000 to ₦2,000,000 ($313 to $1,250 USD / €289 to €1,155 EUR) and can increase monthly rent by ₦40,000 to ₦100,000, while kitchen refreshes costing ₦300,000 to ₦800,000 ($188 to $500 USD / €173 to €462 EUR) often add ₦25,000 to ₦50,000 monthly.
Renovations that tend to have poor ROI for Lagos landlords include luxury finishes that exceed neighborhood standards, swimming pools (high maintenance in Lagos conditions), and overly custom designs that limit tenant appeal.
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 Lagos as of 2026?
What's the vacancy rate for rentals in Lagos as of 2026?
As of early 2026, the estimated citywide vacancy rate for rental properties in Lagos is around 10%, though this varies dramatically by neighborhood and property quality.
Vacancy rates in Lagos range from under 5% in prime Island areas like Ikoyi, Victoria Island, and Lekki Phase 1, up to 15% or higher in some Mainland neighborhoods or buildings with poor power and water infrastructure.
The current Lagos vacancy rate is roughly in line with historical averages, as the city's chronic housing shortage keeps vacancies relatively low even during economic uncertainty, though poorly maintained or overpriced properties always struggle.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Lagos.
How many days do rentals stay listed in Lagos as of 2026?
As of early 2026, the average rental property in Lagos stays listed for about 30 to 60 days before finding a tenant, assuming the property is reasonably priced and well-maintained.
Days on market in Lagos ranges from as little as 15 to 30 days for well-priced units in prime locations like Ikoyi and Lekki Phase 1, up to 90 days or more for overpriced properties or those in flood-prone areas with poor infrastructure.
Compared to one year ago, days on market in Lagos has remained relatively stable, as strong underlying demand absorbs new listings quickly, though tenants have become more selective about power reliability and service charge transparency.
Which months have peak tenant demand in Lagos?
The peak months for tenant demand in Lagos are typically January through March and August through October, when job relocations, corporate transfers, and school calendar timing drive the most activity.
The factors driving these seasonal patterns in Lagos include new year budget cycles at companies triggering relocations in Q1, and the back-to-school period in Q3 when families want to settle before the academic year starts.
The months with the lowest tenant demand in Lagos are typically April through June and November through December, when rainy season flooding concerns and end-of-year holiday slowdowns reduce moving activity.
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What will my monthly costs be in Lagos as of 2026?
What property taxes should landlords expect in Lagos as of 2026?
As of early 2026, landlords in Lagos should expect to pay annual property taxes (called Land Use Charge) typically ranging from ₦50,000 to ₦150,000 per year ($31 to $94 USD / €29 to €87 EUR) for a mid-range residential property valued around ₦100,000,000.
The realistic range of annual Land Use Charge in Lagos runs from about ₦30,000 ($19 USD / €17 EUR) for modest Mainland properties up to ₦500,000 or more ($313 USD / €289 EUR) for high-value Island properties in areas like Ikoyi or Victoria Island.
Lagos Land Use Charge is calculated based on the assessed value of the property, with rates typically falling between 0.05% and 0.15% of assessed value for residential properties, varying by classification and whether the property is owner-occupied or tenanted.
Please note that, in our property pack covering the real estate market in Lagos, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What maintenance budget per year is realistic in Lagos right now?
A realistic annual maintenance budget for a typical rental property in Lagos is between ₦500,000 and ₦1,500,000 per year ($313 to $938 USD / €289 to €866 EUR), representing roughly 1% to 2% of property value.
Maintenance costs in Lagos range from the lower end for newer buildings with good infrastructure, up to 2% or more for older properties with heavy generator usage, aging plumbing, or humidity-related repair needs.
Most experienced Lagos landlords set aside 10% to 15% of their annual rental income specifically for maintenance, which is higher than global averages due to generator costs, water system upkeep, and tropical climate wear.
What utilities do landlords often pay in Lagos right now?
In Lagos, landlords most commonly pay for common-area generator fuel and maintenance, shared security services, water system operation (borehole and treatment), and general compound upkeep through service charge arrangements.
These landlord-paid utilities in Lagos typically cost between ₦30,000 and ₦100,000 per month ($19 to $63 USD / €17 to €58 EUR) per unit in service charges, with higher amounts in fully serviced buildings offering 24-hour power.
The common practice in Lagos is for tenants to pay their own electricity (via prepaid meters), internet, and sometimes waste collection, while landlords or estate management collect service charges covering security, common-area generator, and shared infrastructure.
How is rental income taxed in Lagos as of 2026?
As of early 2026, rental income in Lagos is subject to personal income tax for individuals, and Withholding Tax (WHT) is commonly deducted at source at a rate of 10% when corporate tenants pay rent.
The main deductions Lagos landlords can claim against rental income include repairs and maintenance costs, property insurance premiums, professional management fees, Land Use Charge payments, and depreciation on fixtures.
A common tax mistake specific to Lagos landlords is failing to keep proper documentation for WHT deductions already withheld by corporate tenants, which means losing credits when filing final returns and effectively paying tax twice on the same income.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Lagos.
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 Lagos, 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 We Trust It | How We Used It |
|---|---|---|
| National Bureau of Statistics (NBS) CPI Dataset | This is Nigeria's official inflation data including rent components, compiled by the national statistics agency. | We used it as our primary yardstick for rent inflation direction and magnitude. We also used it to translate listing-market rents into consistent year-over-year change narratives. |
| NBS Microdata Catalog | This is the NBS's own catalog of CPI releases and official documentation. | We used it to verify where CPI housing and rent components are officially published. We also cross-checked that our inflation references align with NBS materials. |
| Central Bank of Nigeria (CBN) Exchange Rates | This is Nigeria's central bank publication of official FX reference rates. | We used it to convert naira rents into USD and EUR equivalents. We also used it to keep January 2026 currency assumptions grounded in official data. |
| Nigeria Property Centre Lagos Market Trends | This is a large national property portal with a transparent method based on median listed prices. | We used it as one anchor for typical rent levels by unit type and area. We also used it to build Lagos-wide averages and compare Island versus Mainland pricing. |
| Nigeria Property Centre Lagos 1-Bed Report | This provides transparent median-based data for 1-bedroom apartments with a large listing base. | We used it to estimate a citywide 1-bedroom typical rent level. We also used it to sanity-check the relationship between studio and 1-bedroom pricing. |
| Nigeria Property Centre Lagos 2-Bed Report | This provides the same transparent methodology for 2-bedroom apartments across Lagos. | We used it as our primary numeric anchor for 2-bedroom rents. We also used it to compute rent-per-square-meter estimates with typical unit sizes. |
| Nigeria Property Centre Ikoyi Listings | This provides a high-signal view of a specific Lagos submarket with counts and price ranges. | We used it to identify where top-of-market rents sit in Lagos. We also used it to ground expat and prime neighborhood examples with actual names. |
| Nigeria Property Centre Victoria Island Trends | This provides area-level market trends with transparent methodology for Victoria Island. | We used it to rank Victoria Island among the highest-rent neighborhoods. We also used it to compare pricing between VI, Ikoyi, and Lekki Phase 1. |
| Nigeria Property Centre Lekki Phase 1 Listings | This covers a major Lagos submarket with clear numbers and price ranges. | We used it to anchor young professional and short-let narratives in a real location. We also used it to compare Lekki Phase 1 against Mainland value neighborhoods. |
| PropertyPro Nigeria Lagos 1-Bed Listings | This is another major Nigerian property portal useful for triangulating rent levels. | We used it as a second, independent listing market cross-check for 1-bedroom rents. We also used it to avoid relying on only one portal's methodology. |
| PropertyPro Nigeria Lagos 2-Bed Listings | This provides an independent portal cross-check with different methodology. | We used it to triangulate 2-bedroom rents against NPC's median-based series. We also used it to set a confident midpoint estimate for typical Lagos rents. |
| Knight Frank Lagos Market Update H1 2025 | This is from a global real estate consultancy with a long-running local research series. | We used it to frame prime-market dynamics including demand drivers and FX context. We also used it to cross-check rent pressure direction in prime submarkets. |
| Lagos State Land Use Charge Law 2018 | This is a published version of the underlying Lagos State law on property charges. | We used it to describe what the annual property charge is and who is liable. We also used it to structure the property tax section in a legally accurate way. |
| Federal Inland Revenue Service (FIRS) WHT Guide | This is Nigeria's federal tax authority describing withholding tax obligations on rent. | We used it to describe the common rent WHT treatment and typical rate. We also used it to explain what landlords actually see in net receipts after deductions. |
| PwC Nigeria WHT Regulations Guidance | This is a major audit firm summarizing official tax implementation guidance. | We used it to cross-check and explain WHT mechanics in plain English. We also used it to keep the tax section practical with real-world application details. |
| BusinessDay Lagos Rental Market Coverage | This is a leading Nigerian business publication with ongoing property market coverage. | We used it to understand demand drivers and affordability constraints in Lagos. We also used it to validate our rent growth outlook and seasonal demand patterns. |
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