It’s time to renew your rent or to secure a new apartment. Rent prices in Lagos are usually dependent on several factors like Location – Homes in Ikoyi will naturally command high rent prices than Ikorodu. The Size of the House also determines rental prices – a 2-bedroom apartment would be cheaper than a Duplex in the same area, all things been equal. Also Infrastructure plays a major role particularly with the growing number of middle class. Homes in well laid out Estates, with tarred roads and 24-hour electricity are usual priced at premium rates.

Most rules advise that your rent should not exceed 1/3 of your annual salary. Personally I would advocate a maximum of 3 months salary. The idea is not for one to be unnecessarily constricted but to free up more income for other expenditures, most importantly – Savings and Investments. Income/Savings is usually the most important factor when choosing a place to live based on affordability. Thus, the higher your disposable income, the more areas are available to you to rent a home in Lagos. Here’s a rough rent guide to Lagos based on your earning power.

Low income earner
Less than N80,000 per month

Iyana Ipaja
Egbeda
Ikotun
Ikorodu
Epe


Middle income earner
N150,000 to N500,000 per month

Ajah
Maryland
Ketu
Magodo Isheri
Gbagada
Yaba
Surulere


High income earner
N650,000 to N1,000,000 per month

Lekki
Ikeja GRA
Ogudu GRA
Apapa GRA
Magodo Shangisha


Ultra Income earner a.k.a Biggest Boys (and Girls) - This segment screams of opulence soaked in sheer luxury, with an unrepentant air of exclusivity.
More than N2.5million per month

Ikoyi/Banana Island
Victoria Island



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