If you are a young professional living in Lagos or considering moving to Africa’s megacity, housing is an important financial obligation to take into account. The average asking rent for apartments in Lagos has increased by 20%+ in the last year, according to our rental price index note.
This was based on an analysis of a pool of listed apartments, which included 1-, 2-, 3-, and 4-bedroom residences in various Lagos neighborhoods. Although rental costs have generally increased, there are still a few places where young people can find decent apartments for less than one million naira a year.
In this article, we’ve profiled and ranked places where one-bedroom apartment annual rental costs are still under one million naira, along with what makes those places desirable for young renters. In order to rank these locations, we used a variety of metrics, including infrastructure, average rental price, availability of power supply, proximity to CBDs, and overall security/neighbourhood serenity.
1. Ikeja GRA
The best neighborhood in Lagos to find a one-bedroom apartment to rent is Ikeja. According to our property inventory in the city of Lagos, the typical annual asking rent for one-bedroom apartments in Ikeja is N800,000. Ikeja is currently one of the areas in Lagos with a respectable road infrastructure and a modest electricity supply in comparison to the other areas under consideration.
2. Gbagada
Gbagada came in second on the list. In Gbagada, the average annual asking rent for a one-bedroom apartment is N650.000. In addition to having a good supply of electricity, Gbagada has easy access to the rest of the Mainland and the Island via the Third Mainland Bridge and the Oworonshoki-Oshodi Expressway. It is a desirable area to rent an apartment because of the neighborhood’s accessibility, affordability, central location, and high-quality power supply.
3. Magodo
In Magodo, the average annual asking rent for a one-bedroom apartment is N800,000. Magodo is renowned for its tranquility and the decent of the apartments within the estate, among other things. Magodo is among the affluent neighborhoods on the Lagos Mainland, a well-organized estate which has since been modernized and now hosts some of Lagos’ most affluent and middle class.
4. Yaba
With its more than 8 tertiary institutions and numerous technology hubs, Yaba draws a sizable number of young people. Yaba is known as a residential hub for the younger demographic due to its proximity to Victoria Island and other business districts in Lagos, where the majority of young people in Lagos work. According to our ranking, Yaba is the fourth best place in Lagos to rent a one-bedroom apartment for under one million naira as of today, with an average asking price of N700,000.
5. Surulere
In Lagos, Surulere is thought of as a middle-class neighborhood supported by a few isolated areas of industrial and residential activity. Due to its relative centrality and close proximity to Lagos Island and Victoria Island, the middle class and young people in Lagos now prefer to live there. According to our database, the average rent for a one-bedroom apartment in Surulere is N650,000 per year. Surulere is ranked fifth among the best places in Lagos to rent a one-bedroom apartment for under one million naira.
