Nigeria’s rental market is in turmoil, with the average cost of a two-bedroom apartment now pegged at about ₦2.5 million annually, a sharp jump from rates recorded just a few years ago.
Across major cities — from Lagos to Abuja, Port Harcourt to Kano — tenants are facing unprecedented rent hikes that are forcing households to stretch already thin incomes. While some neighbourhoods in Benin City still offer two-bedroom flats for as low as ₦250,000, luxury districts in Lagos command up to ₦20 million yearly, underscoring the widening affordability gap.
Two-bedroom apartments, traditionally regarded as a middle-ground option for families and young professionals, have become increasingly out of reach. In Abuja, rents range from ₦1.5m in satellite towns like Karu and Kubwa, to between ₦8m and ₦10m in highbrow districts such as Maitama and Asokoro. In Ibadan, once known for affordability, average rents have doubled in just three years, with landlords introducing new service charges.
The situation in Lagos remains the most volatile. Flats in Ikorodu average ₦1.5m to ₦2m, while in Ikeja and Magodo, rents range between ₦4m and ₦6m. In upscale areas like Ikoyi and Victoria Island, prices soar to between ₦8m and ₦20m. Many tenants report sudden, arbitrary increases, with some landlords tripling rents within a single review cycle.
Experts blame the crisis on a mix of inflation, naira depreciation, high construction costs, and poor housing supply. Rising prices of cement, steel, tiles, and imported fittings have pushed up building expenses, while land scarcity and labour costs further inflate rents.
Housing analysts warn that Nigeria’s estimated 28 million-unit deficit, coupled with rapid urban migration, is worsening the crisis. With rents rising faster than wages, many families are forced into overcrowded housing, long commutes from city outskirts, or delayed plans for independent living.
Policy advocates are calling for mass housing schemes, stronger public-private partnerships, and the use of local building materials to reduce costs. Some suggest rent control measures, rent-to-own initiatives, and incentives for landlords who maintain affordable rates.
Without urgent reforms, experts caution that the affordability gap will widen, urban poverty will deepen, and millions of Nigerians risk being priced out of decent housing.
