The price of renting an apartment in Lagos has increased geometrically and many who cannot afford this exorbitant prices has gone ahead to live in slums which is not habitable. The increase in the price of renting properties in Lagos is unconnected with the increase in the influx of people in Lagos State who have left their respective villages and previous place of abode in search of greener pastures in Lagos. According to Lagos State Government every one hour about 83 people are coming into Lagos to live permanently.

Although the prices of Apartments is very high in high brow areas like Banana Island, Lekki, Yaba, Surulere and Ikeja, there are other places where you can get cheap accommodation in Lagos they include

Ajangbadi: Ajangbadi is one of the few places in Lagos where cost of renting an Apartment is still very cheap. That is why many people who work or do business in places like Lagos Island, Ikeja, Surulere resides there. One room apartment goes for about 2500 to 3000 naira while you can get a room self contained for about 60,000. Also if you are a business man in Alaba International, Trade Fair, Ladipo, Iyana Iba renting an Apartment in Ajangbadi will be a great idea.
Shibiri: Shibiri is a fast developing area in Lagos, lots of people are acquiring properties and renting an apartment in this area. Renting an apartment in Shibiri is very cheap for instance you can get one room apartment for 36,000 and a room self contained for 60,000. Shibiri is located in Ojo Local Government. Lots of people lives here including workers who work in the Island, Alaba Business men, Trade Fair Business men, Lagos State University students. 
Agege: If you are working and doing business in Ikeja you might need to consider renting an Apartment in Agege. You can get cheap apartment in Agege for instance a room Self Contain goes for 3000 to 5000 per month depending on the location and the standard of the building while a room self contain goes from 80,000 to 150,000 depending on the location, standard of the house. 
Egbeda: Not only that you can get a cheap accommodation here but Egbeda is a wonderful place to live in Lagos because of its serene Environment, good and traffic free road. It is a perfect choice for someone who works and do business in Lagos State Capital Ikeja. The area is also lively as there are many businesses and commercial activities there.
Iba Town: Not many people know about this cool serene, secured place called Iba. There are lots of buildings springing up in Iba, within this axis you can get a very standard apartment at a very cheap price for instance a standard self contained apartment that goes about 350,000 in areas like Ikeja, Ikoyi and Lekki goes for 70,000. If you have any business within Ojo axis then you might consider renting an Apartment here. Iba Town: Iba is another area in Lagos where you can find a very cheap and decent accommodation. Iba Town is in Ojo Local Government area of Lagos and it is very close to Lagos State University, Alaba International Market, Iyana Iba Market and Trade Fair Complex. If you are a new student of Lagos State University you might consider scouting for an apartment in Iba Town as it is a home to many students of Lagos State University and business Men in Alaba International Market and Trade Fair Complex.
Igando: Igando is a very nice place to live, it has a large population of both igbos and Yoruba. Someone who does business in both Alaba International and trade Fair can live in Igando. 
Iyana Ipaja: Iyana Ipaja is another great place where you can find cheap accommodation in Lagos. It has a very huge population and also a very big market. Most people working in Ikeja and Yaba lives in Iyana Ipaja because of the ability to secure an affordable decent accommodation. 
 Badagry Town: Although Badagry is in the outskirts of Lagos, it is one of the places in Lagos with the cheapest accommodation. If you are the type of person that cherishes cool and serene lifestyle then Badagry is the best place for you. 
Festac Town: Although the prices of accommodation in Festac town is relatively higher than other places in Lagos, one can still secure a decent and affordable apartment in Festac Town. People doing business in Alaba International, Trade Fair, Ladipo market can live in Festac Town.
 Ikorodu Ikorodu is another part of Lagos where you can find a very cheap accommodation. Although Ikorodu is a little bit far from the Lagos Main City, if you want a place where you can get serene and cool lifestyle away from the daily bustling lifestyle of Lagosians you might consider getting an apartment in In Ikorodu.
If accommodation is affordable within your Neighbourhood, please comment and let us know we might consider including it after careful study by the time we will be updating this article. You can equally send an email to Propsvilla at Gmail dot com.

SOURCE
https://www.blog.propsvilla.com/2019/09/13/10-cheapest-plac…t-in-lagos-state/

They are also not the safe places in LAGOS o

Ok

blackpanthar:
They are also not the safe places in LAGOS o

Not only that, the amount you spend on transport fare, commuting from those places to your office in Lagos Island, is triple the amount spent on the rent. Not to even add the stress involved.

Abeg, living in those areas and working on the island is definitely NOT wise.

Finally, the OP got one major fact wrong. You will never get a standard self-contained room to rent for 350k a year in any part of Ikoyi or Lekki. Just make sure you have at least 1 million for rent of such an apartment in Ikoyi. For areas like Lekki (excluding Lekki Phase 1, o!) budget 500k upwards!

Due to the fact that it has become more difficult to meet with applicants for rental housing during the lockdown, an important role is played by how people formulate their needs in writing and what documents they attach to their resumes. If you have the opportunity, of course, it is not so difficult to find options - I want to rent in Sunny Isles

SINGLE ROOM SELF-CONTAIN FOR RENT AT ALABA INT'L MARKET

Single room currently available for rent at Alaba international market, ojo, Lagos. It is very close to the int'l market and St. Patrick Catholic Church.

Annual Rent = N100,000
Agreement and Agency Fees = N50,000


Total Package: N150,000

For details call or whatsapp 07065790724